Analysts Predict $10 a Gallon Gas Within 3 Years

Posted by Chris Jensen | Apr. 28, 2008 10:03AM PST | 511 views | 0 comments

FILED UNDER: News. Lifestyle.

Apparently you should be enjoying current gas prices, as two analysts are insisting that crude will be selling for $200 a barrel within 2-3 years.

Translating this price into dollars and cents at the gas pump, one of our forecasters, the chairman of Houston-based Dune Energy, Alan Gaines, sees gas rising to $7–$8 a gallon. The other, a commodities tracker at Weiss Research in Jupiter, Fla., Sean Brodrick, projects a range of $8 to $10 a gallon.

Early last year, with a barrel of oil trading in the low $50s and gasoline nationally selling in a range of $2.30 to $2.50 a gallon, Mr. Gaines — in an impressive display of crystal ball gazing — accurately predicted oil was $100-bound and that gasoline would follow suit by reaching $4 a gallon.

Whether this prediction pans out or not, the global community is in for a world of hurt, one way or another, unless serious steps are taken to address our energy consumption. We put a man on the moon because we wanted to, and we can solve our energy problems if we put our collective minds at work. Unfortunately, if history is any indicator, we'll wait until it's too late, inevitably finding ourself living in a Mad Max future.

(Source: NY Sun)

Tags analysts, gas, prices, energy