Whats the current situation on petrol prices?

Question

today i was told that this time next year we could be looking at $48 barrel of petrol.........but then later on i was told that petrol prices are stabilising? can any one give me a definitive answer on whats going on?

Answer 1

$48?? its like $140, and going up. will most likely reach 150 pretty soon.

Answer 2

looking at 150 by end of July

Look for the market to kick in for substitutes

Answer 3

The price jumped $11 a barrel.  The prices are expected to rise throughout the summer.