Big Jump In Gas Prices Predicted [24 cents!]

CBS News ^ | 3/3/2005 | CBS/AP

[Quick1]

Gasoline prices are about to go through the moon roof. One analyst predicts a 24-cent-a-gallon increase in the next few days and other experts say average prices could go as high as $2.50 a gallon this summer, the peak driving season.

"$2 a gallon we think is easily within reach and probably in the next couple of months," the American Automobile Association's Robert Sinclair told CBS Radio News.

Tom Kloza, senior analyst at the Oil Price Information Service, expects the jump much sooner: The end of this month. "Petronoia is in full flower," he told USA Today, but added he's not sure if prices will stay over $2 a gallon, or retreat as they did last fall.

Fuel-watchers say the main culprit is global demand, which briefly pushed the price of a gallon of crude oil as high as $55 a barrel Thursday. That's the highest level since last October.

[NYorkerInHouston]

According to the DOE document, for generation of electricity, nationwide coal-fired plants accounted for 53% of generation, nuclear 21%, natural gas 15%, hydroelectricity 7%, oil 3%, geothermal and "other" 1%.

Individual utilities however may depend on oil far more than others.

[dhs12345]

Unfortunately, money talks and the Saudis have a lot of it (along with a lot of power). Fluctuation in oil price and availability has a huge impact on the world economy.

Could be why a hundred years later our cars are still running on gasoline -- no desire to switch.

So, as long as prices are tolerable and an occasional war keeps supplies flowing, oil will continue to be our primary source of energy for transportation for the next hundred years.

[Obadiah]

I guess there should be a rule of thumb:

Built on a truck platform = real SUV

Built on a car platform = "cute ute"

Built on a car platform = station wagon!

[free_life]

Invade Canada. An oil supply outside of middle east and lots of other raw materials ...and then Canadians could have a chance at democracy like Iraq.

I am Canadian BTW

[Doogle]

...first of all,consider the source CBS.

One analyst predicts a 24-cent-a-gallon increase in the next few days

maybe this clown can analyze Pelosie and get better results.


Doogle

[Cobra64]

Pontiac Aztec? That car is a stylish as a 1961 Plymouth Valiant. A few months ago, someone here posted a vanity about the world's ugliest cars. The Aztec was in the top 10%.

[Cobra64]

Drilling in ANWAR would make barely a dent in oil prices.

And our refining capacity is maxed out. Too many people think gasoline comes out of the ground and goes right into the car's tank. Which is only true at a gasoline station. duh.

[Cobra64]

We need a energy plan now.

You forget that W submitted one. It was shot down.

[Cobra64]

So you saved twenty-four cents? Congratulations. That's like winning the lottery. What did you pay in taxes last year?

[Cobra64]

There are a gazillion Smarts in Switzerland. I rented one for two months when I was working in Luzerne.

[Cobra64]

China is ramping up by spending more on their military and they now practically own the panama canal.

And you can thank Jimmah for selling us out on the Canal.

[NavyCanDo]

Add another 9 cents on top of that if you live in Washington State where our newly non-elected acting Governor is proposing another gas-tax for road improvement projects.

[thackney]

Like I said, barely a dent in worldwide crude prices.

Are you kidding? Do a little comparison.

Developing this tiny sliver of land, which would impact but two thousand acres (the size of a regional airport) of the 20-million acre refuge, could yield up to 16 billion barrels of oil. This would equate to 30 years of Middle East imports, and possibly more.

[ghitma]

Its called replacements costs.

[Prince Charles]

You need rest.

[little jeremiah]

Last I looked, here in Northern CA it was 2.39 for the cheap stuff (haven't been out for several days so maybe higher now.) Over the border in OR it was 2.17 for the cheap stuff, but that was a couple of weeks ago. Probably worse today.

[Centurion2000]

Filled up at 1.69 a gallon 14 hours ago.

[painter]

Do the math - your 8 to 30 billion barrels doesn't go very far.

You mean THAT will be the ONLY place the US can get it's oil from?Don't we have other oil reserves in this country,or do we have to cap our other wells because we drill in ANWAR??

Pumping 1.5 million barrels a day from ANWAR what is projected out of 8 to 30 billion barrels.I suggest you do the math.Plus 1.5 million a day into the market WILL relieve the projected demand,ie prices.

[thackney]

folks, its ANWR, not ANWAR