Filed under: Etc., USA
In early May of 2011, the national average price of gasoline in the United States hit exactly $ 4 a gallon before falling to the current level of $ 3.56. However, if predictions from Barron’s hold true, then prices will shoot back up in early 2012, hitting $ 4.50 by next spring.
Barron’s, America’s self-claimed “premier financial magazine,” says that crude oil prices will “likely” reach $ 150 a barrel by spring of 2012, with spikes of up to $ 170 expected. At that price, Barron’s claims that the going rate for a gallon of gas will be within pennies of $ 4.50 a gallon.
The magazine estimates that rising oil prices will stunt quarterly growth by 1.5 percent in gross domestic product and forecasts that crude oil will stay at or above $ 150 a barrel for “several months” before we see a slight drop in price. For the record, oil is currently priced at less than $ 97 a barrel. Are you ready for $ 4.50 gas?
[Source: Ward's Auto - sub. req. | Image: micah.d - C.C. License 2.0]
Barron’s says oil likely to hit $ 150 a barrel next spring, gas $ 4.50 a gallon originally appeared on Autoblog Green on Wed, 06 Jul 2011 19:50:00 EST. Please see our terms for use of feeds.
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