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Big Jump In Gas Prices Predicted [24 cents!]
CBS News ^
| 3/3/2005
| CBS/AP
Posted on 03/04/2005 7:45:04 AM PST by 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.
(Excerpt) Read more at cbsnews.com ...
TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: energy; energyprices; gasprices; oil
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To: tickmeister
This problem is in process of solving itself. Outrageous gas prices will encourage folks to buy more efficient cars, Yep, if I had a huge SUV I think I'd put it on the market now before the market supply gets flooded and you can't give them away.
41
posted on
03/04/2005 8:18:21 AM PST
by
1Old Pro
To: newcats
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. Right on. We need Bush to address the nation wearing a sweater. He doesn't even need to write a new speech.
42
posted on
03/04/2005 8:19:13 AM PST
by
GraniteStateConservative
(...He had committed no crime against America so I did not bring him here...-- Worst.President.Ever.)
To: traumer
This one is mine. Lucky for me I own a Gas Station! I also ride a motorcycle most of the time.
43
posted on
03/04/2005 8:20:02 AM PST
by
speed_addiction
(Ninja's last words, "Hey guys. Watch me just flip out on that big dude over there!")
To: ManHunter
Agree with you in part. A small part of the problem is demand. But also, the problem has a lot to do with people speculating in oil futures right now who are buying oil futures on the speculation that is $55 today but could go to $80 next week. There's a LOT of money to be made if they make this bet. So, it's a lot of irrational exuberence in the market that is adding to this.
At some point maybe you do have to open the SPR spigot and flood the market. Maybe this would be the needed pin to prick the bubble.
44
posted on
03/04/2005 8:20:24 AM PST
by
Obadiah
To: Quick1
Too many people with too much money bidding up the prices at the pump.
Oil producers are producing as fast as they can because the prices are high.
If gas were so terribly expensive, people wouldn't be buying it, and they wouldn't be buy huge gas guzzling cars.
etc, free markets are great.
To: Quick1
but I'd like the opportunity to cut my personal gas expenses in half.
Then what does that mean?
46
posted on
03/04/2005 8:20:26 AM PST
by
newcats
To: Huck
Hehe...I've heard that one. Which makes no sense. If Bush were really doing it for oil, wouldn't he make it cheaper so he could look like a hero?
Democrats are so stupid.
47
posted on
03/04/2005 8:23:41 AM PST
by
RockinRight
(Ken Blackwell for Ohio Governor in '06...and President after that...)
To: southlake_hoosier
Now priced at $2.09 Unleaded Regular. LOL. Filled up here in southern CA last week and it was $2.23 for unleaded regular.
48
posted on
03/04/2005 8:26:25 AM PST
by
Who dat?
To: newcats
It means being able to buy a Smart car would double my current gas mileage (although now I've read reports that it gets less than 60 mpg), which in turn cuts my gas expense in half.
Pretty simple math.
49
posted on
03/04/2005 8:26:41 AM PST
by
Quick1
To: ElTianti
I am all for alternative fuels. But these following problems must be resolved for it to work:
Cost efficiency
Power and drive quality (this is important for auto enthusiasts)
Time between recharge/fillup
Acceleration
50
posted on
03/04/2005 8:26:43 AM PST
by
RockinRight
(Ken Blackwell for Ohio Governor in '06...and President after that...)
To: SMARTY
Three dollars???? Where do you live?
51
posted on
03/04/2005 8:27:46 AM PST
by
RockinRight
(Ken Blackwell for Ohio Governor in '06...and President after that...)
To: ManHunter
My gf insists that the OPEC nations are gouging us because they're pissed about the Iraq war...
52
posted on
03/04/2005 8:28:24 AM PST
by
RockinRight
(Ken Blackwell for Ohio Governor in '06...and President after that...)
To: NEBUCHADNEZZAR1961
And we can thank the likes of the NAACP for their continued insistence for court ordered busing to continue. They must be getting some kind of kickback from the busing industry. Busing has never worked and its continued existence will never work. To me, that's one major reason for the long gas lines in the '80's. The country was running dry but, by all means, keep the buses rolling. The government wants us to use public transportation and carpool. I have never and will never do that, as long as there is court ordered busing. If that's ever relegated to history, maybe then I'd consider alternative transportation. Until then, no da*&ed way.
53
posted on
03/04/2005 8:28:39 AM PST
by
NCC-1701
(ISLAM IS A CULT, PURE AND SIMPLE!!!!! IT MUST BE ERADICATED FROM THE FACE OF THE EARTH.)
To: GraniteStateConservative
Sure. That will take care of the 10% of driving I do for pleasure. Can't very well ride a bike 100 miles to see a client, though.
54
posted on
03/04/2005 8:29:40 AM PST
by
RockinRight
(Ken Blackwell for Ohio Governor in '06...and President after that...)
To: Quick1
It's already at two dollars a gallon here in Illinois (and higher in some spots.)
I don't look foward to seeing what Summer has to offer.
55
posted on
03/04/2005 8:30:25 AM PST
by
reagan_fanatic
("Darwinism is a belief in the meaninglessness of existence" - R. Kirk)
To: Quick1
"$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.Within reach, my a**!. We're at $2.17 a gallon already!!!
56
posted on
03/04/2005 8:30:30 AM PST
by
varon
(Allegiance to the constitution, always. Allegiance to a political party, never.)
To: RockinRight
57
posted on
03/04/2005 8:30:50 AM PST
by
SMARTY
To: SMARTY
Wow...I'm in Ohio as well-what city? I'm in Akron.
58
posted on
03/04/2005 8:31:16 AM PST
by
RockinRight
(Ken Blackwell for Ohio Governor in '06...and President after that...)
To: Quick1
I'm checking my calendar and it's March. Isn't that a bit early for the annual "experts predict $3.00/gallon gas this summer!" articles?
To: All
Could ethanol vehicles be the future? I don't know much about them, just that only minor changes need to be made to existing designs.
Efficiency?
Cost?
If they were in demand, would production be able to keep up to keep prices reasonable?
60
posted on
03/04/2005 8:35:19 AM PST
by
RockinRight
(Ken Blackwell for Ohio Governor in '06...and President after that...)
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