Gas Prices Could Skyrocket This Summer, Analysts Caution
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Gas Prices Could Skyrocket This Summer, Analysts Caution
CityNews: Gas Prices Could Skyrocket This Summer, Analysts Caution
Planning a road trip this summer? You might consider taking a plane to your destination instead.
Already high gas prices may jump significantly in the next few months, and rather than the $1.05 or $1.06 a litre you're paying now, you could be looking at shelling out upwards of $1.40 a litre.
There's no guarantee prices will rise that high, oil industry analysts admit. They say any jump will depend on whether oil prices remain in the $100 a barrel range as well as whether the demand for fuel picks up for the summer driving season.
Oil prices settled down Thursday after approaching $106 a barrel earlier in the week following a surprise drop in crude levels.
"The primary factor causing the surge in oil prices is the surprising drawdown in crude inventories, which caused traders to really react quite dramatically," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
The struggling U.S. dollar also contributed to rising oil prices. Industry observers suggest despite the decline in crude over the last week, oil inventories in the States are at record highs
Planning a road trip this summer? You might consider taking a plane to your destination instead.
Already high gas prices may jump significantly in the next few months, and rather than the $1.05 or $1.06 a litre you're paying now, you could be looking at shelling out upwards of $1.40 a litre.
There's no guarantee prices will rise that high, oil industry analysts admit. They say any jump will depend on whether oil prices remain in the $100 a barrel range as well as whether the demand for fuel picks up for the summer driving season.
Oil prices settled down Thursday after approaching $106 a barrel earlier in the week following a surprise drop in crude levels.
"The primary factor causing the surge in oil prices is the surprising drawdown in crude inventories, which caused traders to really react quite dramatically," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
The struggling U.S. dollar also contributed to rising oil prices. Industry observers suggest despite the decline in crude over the last week, oil inventories in the States are at record highs
GTcars - Post God !
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gay, if the gov would take away their taxes even at 1.40 we'd still be under a buck. i tell you this much, if gas gets that high i can see many trips out of town with sunglasses a hat and no plates on the car
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