How high is gas prices gonna get by next summer?

Question

How high is gas prices gonna get by next summer?

Answer 1

I was saying it would hit $5.20 in California by next summer , but I'm not so sure now.

Oil prices are just all over the place.

Answer 2

If it weeds out more poor folks from a luxury they can't afford

then the price isn't an issue so much as what it takes to get

their attention.  Don't breed 'em if y'all can't feed them.

Answer 3

Depends on what the oil boys want it to be.

Answer 4

Its gonna be $3.50 a gallon ( National Avg). Also depends who the next president will be. If its John Mccain Prices will be lower and if its Obama Its gonna remain around $4

Answer 5

What degree of certainty do you want?  I'd say there is a 95% probability it will be somewhere between $2.00 and $10.00 per gallon.

You tell me what happens with attacks by Nigerian rebels, North Korea, Pakistan, Hugo Chavez,  Israel, the middle east, Iran's nuclear program, Osama Bin Laden and his merry men, and how far down the toilet the world economy goes in the next 12 months, and perhaps I can narrow the range.  Predicting oil and gas prices is just as much about world events and the price speculation and hedging which results as it is about actual supply and demand.

Take away all those uncertainties, and the price drops substantially.  FYI, if you look at oil price volatility since the 1970's, if you presume that history can be used as a reasonable predictor of the future, and if you follow the trendline up, the price of oil in 2009 will be between about $30 and $500 per barrel.  The geometric middle of that trendline is at about $122 per barrel which equates to roughly $3.50-$4.00 per gallon.

Do you know what that analysis tells me?  #1, by historical standards, today's oil prices are not overly high, they're actually near the middle of the expected range, and #2, trying to predict oil and gas prices with any confidence is pure insanity.