$7 – $10 Per Gallon Gas a Possibility

Posted in Uncategorized at 8:21 am by blog

I just cannot see how the average American can afford $7 per gallon gas. The current $4 price is highway robbery. We have all heard people say “Why don’t we all just stop buying gas for a day or two and then the price will go down”. At this point I am ready to try anything to keep from paying $100 to fill up my car. I have to wonder why Americans are not lashing out in protest. What are your thoughts?

Get ready for another economic shock of major proportions — a virtual doubling of prices at the gas pump to as much as $10 a gallon.

That’s the message from a couple of analytical energy industry trackers, both of whom, based on the surging oil prices, see considerably more pain at the pump than most drivers realize.

Gasoline nationally is in an accelerated upswing, having jumped to $3.58 a gallon from $3.50 in just the past week. In some parts of the country, including New York City and the West Coast, gas is already sporting a price tag above $4 a gallon. There was a pray-in at a Chevron station in San Francisco on Friday led by a minister asking God for cheaper gas, and an Arco gas station in San Mateo, Calif., has already raised its price to a sky-high $4.62.

In Manhattan, at a Mobil gas station at York Avenue and East 61st Street, premium gas is now $4.03 a gallon. Two days ago, it was $3.96. Why such a high price? “Blame the people at STOPEC (he meant OPEC) and the oil companies,” an attendant there told me.

These increases are taking place before the all-important summer driving season, signaling even higher prices ahead.

That’s also the outlook of the Automobile Association of America. “As long as the price of crude oil stays above $100 a barrel, drivers will be forced to pay more and more at the gas pump,” a AAA spokesman, Troy Green, said.

Oil recently hit an all-time high of nearly $120 a barrel, more than double its early 2007 price of about $50 a barrel. It closed Friday at $118.52.

The forecasts calling for a jump to between $7 and $10 a gallon are based on the view that the price of crude is on its way to $200 in two to three years.

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  1. Steve said,

    April 28, 2008 at 8:54 am

    Well, at least people can rest easily at night knowing that the caribou in Arctic National Wildlife Refuge (ANWR) are happy as they sit on top from 4.3 billion to 11.8 billion barrels of oil.
    This article from Wikipedia says it well:
    “The U.S. consumes about 20 million barrels (3,200,000 m³) daily. If the Arctic National Wildlife Refuge oil reserves were used to supply 5% of the U.S. daily consumption — most is imported from Canada (19%), Mexico (15%), Saudi Arabia (11.5%), Nigeria (10.5%) and Venezuela (10.5%) — the reserves, using the low figure of 4.3 billion barrels (680,000,000 m³), would last approximately 4300 days, or almost 12 years. Using the high estimate, the reserves would last approximately 11800 days, or 32 years. If the Arctic National Wildlife Refuge was used to meet 100% of U.S. demand, it would last for 215 days under the low estimate, and 525 days or just 1.4 years if it contained 10.4 billion barrels (1,650,000,000 m³).”
    So in a nut shell, if we turned off every other source of oil we have, and only use ANWR oil, this reserve could run the entire U.S. for about a year.
    Think about how much this could relieve our dependence on high priced foreign oil.

  2. Beth said,

    April 28, 2008 at 11:38 am

    America is truly a nation full of nuts!! We care more about seals and spotted owls than we do the welfare of our own people. What in the world is wrong with us?

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