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.

[Quick1]

They are here. Unfortunately, after testing by the EPA, it appears that they actually only get about 36 mpg.

Hmm, I actually heard they weren't coming for at least a year or so. Got a link to the EPA study? That's interesting that they had such a low mileage. When I went to Italy, nearly everyone that wasn't driving a scooter was driving one of them.

[newcats]

I'm not worried about impacting demand, but I'd like the opportunity to cut my personal gas expenses in half.

Are you saying that if there is drilling in ANWR, then that will cut gas prices in half?
Oh please
Wanna cut your expenses? Easy. Walk, ride a bike, plan trips ahead of time so you don't have to run to the store over and over again.

[tickmeister]

This problem is in process of solving itself. Outrageous gas prices will encourage folks to buy more efficient cars, make them re-think trips, make alternate fuels more competitive, make marginal domestic wells worth pumping, and increase pressure on the environmental wacko's to stand aside and allow more exploration. It's the free market and it is a wonderful thing. Just hope the politicians stay the hell out of the way and don't try price caps and all that crap.

[Prince Charles]

Yesterday morning when I filled up the price was $1.80. Yesterday evening the price at the same station was $2.04 -- I'm glad I filled up in the morning!

[painter]

The known reserves in ANWAR is at least 8 Billion Barrels and could be as much as 30 Billion Barrels.

Not drilling in ANWAR is FOOLISH if not down right STUPID!!

[Huck]

I'm not worried about impacting demand, but I'd like the opportunity to cut my personal gas expenses in half.

I drive a lot too. I hear ya. I drive a Subaru Impreza Outback Sport in the winter and on excursions. I drive a little 91 Mercury Capri ragtop in the summer. I do pretty good on mileage all things considered. But the high price of fuel effects prices of everything we buy. There's really no escaping it.

[Auntbee]

Went up .24 overnite here in the KC area.

[Quick1]

Huh? Apparently you didn't read my first post. I make my living using my car. Riding a bike is impossible.

And I actually said that drilling in ANWR would make hardly a dent in prices.

[SMARTY]

Yesterday morning $1.82

Yesterday evening - the same station $2.09 at 4 pm and $2.99 this morning.

[Quick1]

The known reserves in ANWAR is at least 8 Billion Barrels and could be as much as 30 Billion Barrels.

So that would cover us for what, a few years? What then?

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

[SMARTY]

Maybe a grotesquely high tax on purchases of oversized passenger vehicles would fund research and drilling HERE.

[Flyer]

As someone who earns a living using his car all day

Same here, 70 - 90,000 miles a year.

Sigh. . .

[mak5]

They are here. Unfortunately, after testing by the EPA, it appears that they actually only get about 36 mpg. The importer has asked for retesting, but it remains to be seen if the EPA is going to do it.

The gas stations in my area didn't wait for the wholesale price to go up. They all just raised the pump price by 25 cents yesterday. Regular unleaded is 2.10 a gallon now.

[dhs12345]

And wait six months on a wait list for one.

Much more expensive (and less value) and a very long lead time.

[Eagle of Liberty]

Maybe this will provide enough push to get alternatives off the ground. We really need to be free of OPECS shackles.

I truly believe that we Americans are at our best when we are pissed off. If these gas prices keep rising, our great minds WILL achieve alternative good-working fuels at competitive prices. It just takes a little cattle-prod to get us to come up with a solution sometime.

We naturally hate to be bound by other nations and will always fight for our freedom once it is seen to be sincerely in jeopardy.

I almost think that the rise in gas prices is meant to put a fire to our feet.

[mak5]

Try this one:

http://www.casperstartribune.net/articles/2005/03/03/news/business/7d96c146a5c0303f87256fb8004c9528.txt

[thegreatbeast]

Our friends and allies the Saudis.

[snowsislander]

I truly believe that we Americans are at our best when we are pissed off. If these gas prices keep rising, our great minds WILL achieve alternative good-working fuels at competitive prices. It just takes a little cattle-prod to get us to come up with a solution sometime.

I wouldn't reckon on any great advances, but I do imagine that at these kind of prices we will see people re-opening even marginal production here in the U.S.

I would certainly like to see Florida's Gulf coast opened up.

[RockyMtnMan]

We are now competing for oil with the Chinese and their booming manufacturing industry. It will get much worse once their population begins to buy cars in any sort of volume.

China is ramping up by spending more on their military and they now practically own the panama canal. They are preparing to protect their oil interests in order to preserve their economic growth.