How high do you think gas prices can actually go?!?

Question

I've heard that they could reach $8 by the end of the Summer. Is there a ceiling on this or could we eventually be paying $20 a gallon some day?

Answer 1

Why do people freak out so much when gas rises a little?

Although it has increased significantly over the last couple years (I was paying around $2/gallon in 2004, that means the price has DOUBLED in 4 years) gas can't go too much higher.

Well let me rephrase that:  If gas goes anymore higher than say good-bye to American society. The society in which we thrive on.  The society that keeps others in check.

And for the people who think it makes sense to compare gas to other things such as milk and white-out (WTF??) price to gallon wise, please stop it.  Since when have you purchased 10 gallons of milk, or 10 gallons of white-out each week AS A NEED TO GET TO WORK??

You don't and you haven't.  You compare apples to oranges.  The only thing you can compare the price of gasoline to is the price of diesel, or compressed natural gas, or hydrogen, or a freaking huge pack of batteries to power an eletric car. In which gas is expensive for what is does (diesel gets better gas mileage, as does CNG, and batteries, but the cars to drive these other 'fuels' are out of people's budgets).

If you think you don't care if gas goes to $5/gallon, or even $10/gallon, try a $500 a month cable bill to run cable, $1500 monthly food bill to feed a family on, $10,000/year car insurance rates to keep insurance companies running, not to mention things you don't need such as travel (you will have to win the lotto to travel).

It all goes hand and hand.  Think about it.

Answer 2

There is no way way we will reach $8 a gallon this summer..... maybe in the future.......That price would create a recession...... It would start really affecting the price on everything...... at $10 to $15 the world would change as you know it. Prices on everything would skyrocket.... airlines would be all but almost empty and grounded.... truckING companies would go broke.....there would be havoc and a depression on the rise.... Unemployment would go thru the roof... with your grocery bill....Read this article to learn more.....http://articles.moneycentral.msn.com/Sav...

I Think people have already started cutting back and the advancement of fuel efficient cars and solar power wiillbe a huge boost.

The things that you heard are said by people that have interest in oil rising..... they say these things... investor jump on.... and bam the price rises..... JP Morgan did this on Friday by saying prices could be $150 a barrel by July 4th and bam they single handedly raised the price a barrell by $11..... because investors jumped on board... .THisis more than supply and demand in my opinion and speculators are hurting us all

Answer 3

The price will keep going up as long as people will pay it, and since most of us are dependent on our vehicles for transportation, they can charge whatever they want.  Just like cigarettes, people complain about the price going up another two dollars, but then they pay it.  If you buy pop in a 20 oz. bottle, it is the equivalent to about $8.00 a gallon.  I don't see people flipping out about that.  It sucks that we are so dependent on the fuel, but we are stuck.  All we can to is limit our demand.  The people and groups who run the country don't really care about the prices because---a. they can afford it.  and----b. most of them make money off of higher prices for fuel, and the higher prices for everything else.

Answer 4

Of course I wont get best answer but this is the truth, even though nobody likes hearing it.....Gas is not expensive in USA at all. In fact, its very cheap. Its keeping up with inflation just like our food and other things, but for some reason people have started this trend where its hip to talk about gas prices it seems. Gas is only $1 more now, than it was in 2006. Thats pretty cheap. We are only paying $500 more this year on gas because your average american uses 10 gallons a week. If you worked at some low paying job like Tj Maxx or Walmart or something, I would expect that you would have gotten at least a .25 cent raise. A simple .25 cent raise a year on your job (or change jobs if you are not getting this) would cover the change in gas prices. So anybody who thinks they have less money because of gas, isnt taking this into consideration and should reevaluate their spending habits because its not because of gas prices why most americans are broke these days but they love to point the finger at that.

So lets do the math:

Gas is costing you $250 more this year than it did last year overall.

If you get a .25 cent raise on your job, you should be making $480 more this year than you did last year overall.

Gas is not going to reach $8 this year. Thats ridiculous. Gas has only gone up $1 in the past 2 years. Why would it suddenly jump up $4 this year.

Answer 5

Well as long as the war goes on the prices will keep soring so there is definately no limits.

Answer 6

10 a gallon by Xmas

Answer 7

$10 or $20 seems to be where it is going.

Answer 8

I'm predicting 12 to 15 dollars per gallon within two years.

Answer 9

yes we will reach 14 doller a gallen this summer

Answer 10

hopefully the country will pull thier heads out of thier asses and come up with a decent -cheap- alternative fuel before then, but yes, that could happen.

Answer 11

Considering that in Europe they are ALREADY paying $11 or over, I think we are far from the high.

Good Luck...