Is there a chance of gas prices going up all the way to?

Question

15 dollar a gallon?

Answer 1

That would be very unlikely.  Demand will keep the price from being that low in the near future.  In other words, if it is that high, then people will drastically cut back on their gasoline consumption, and then suppliers will lower the price to clear the market.

In the long term, though, it's very possible and probable.  First, inflation will eventually make $15/gallon not seem like so much.  Second, there will eventually be peak oil (it has to happen eventually), and when it does the price will have to represent that scarcity.  Hopefully by then there will be plenty of feasible alternatives to gasoline (electric cars, probably), and so the scarcity won't matter.

Answer 2

It sounds like a silly question, but in the last few years gas prices have shot up. But I read that 75% of what we pay is fuel tax & vat. It's an absolute joke. So at the current cost of unleaded in England (about £1.20) 90p is fuel tax & vat.

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Answer 3

Yes. There is not only a chance, it will become reality in the near future. Contrary to popular belief gas prices are not highest in California. Alaska holds the record. I was paying $7.00 a gallon in Ataqasuk, AK. That was in 2002. Today its over $10.00 a gallon on the North Slope of Alaka where the oil production is located. Here in Valdez (the end of the Alaska Pipeline) gas is over $5.00 a gallon. As the dollar falls in value and prices continue to increase we could very well see $15.00. The North Slope of Alaska isnt too far away from that price today. Its not a matter of if, its a matter of when. I never thought Id see a pump price over $8.00 a gallon anywhere in the US but I was proven wrong in 2003 when Alaska saw the fist of these prices at the pump in the rural areas of the State. So dont think for one second that it isnt possible. It clearly is.

Answer 4

If it does, I won't be driving

Answer 5

I agree with alcan52.  It is just a matter of when.  Too bad the idiots in congress are so short sighted.  They should have about 20 years ago worked to expand and modernize high speed rail.  Instead they expanded the four lanes.  I guess we get what the lobbiests pay for.

Answer 6

No, demand destruction would be so devastating to oil producers that the market for oil will crash long before that. However, as long as democrats refuse to use our own resources, the prices will remain very high.