The story remains very much the same, gas prices continue to rise as crude oil prices break new records nearly every week. Several people including politicians and oil market analysts are optimistic that prices will soon level off and begin to decrease, but others are saying there is no end in sight for rising fuel costs. In fact, Arjun N. Murti an analyst at Goldman Sachs, who has become what the New York Times call the oracle of oil with several very accurate forecasts, is predicting a coming price surge that will put crude oil above $200 a barrel. If correct, as Murti has been in the past predicting, among other historic points, when oil would surpass $100 a barrel, the price per gallon would rise to $6. Already many areas of the U.S. are paying $4 or more at the pump with crude oil having jumped above $130 a barrel. [Sources: New York Times, Washington Post, Bloomberg]
No End in Sight
The story remains very much the same, gas prices continue to rise as crude oil prices break new records nearly every week. Several people including politicians and oil market analysts are optimistic that prices will soon level off and begin to decrease, but others are saying there is no end in sight for rising fuel costs. In fact, Arjun N. Murti an analyst at Goldman Sachs, who has become what the New York Times call the oracle of oil with several very accurate forecasts, is predicting a coming price surge that will put crude oil above $200 a barrel. If correct, as Murti has been in the past predicting, among other historic points, when oil would surpass $100 a barrel, the price per gallon would rise to $6. Already many areas of the U.S. are paying $4 or more at the pump with crude oil having jumped above $130 a barrel. [Sources: New York Times, Washington Post, Bloomberg]
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As gas goes up behaviors change. This handy little chart can tell you what to expect...
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