Location: The Streets Of A New World Order
|Expert: $4 a gallon
gasoline coming soon
Expert: $4 a
gallon gasoline coming soon
Pricing analyst says consumers can expect even higher
prices at the pump.
August 31, 2005: 10:40 AM EDT
Grace Wong, CNN/Money staff writer
(CNN/Money) - Consumers can expect retail gas prices to rise
to $4 a gallon in the near future, a pricing analyst said
"There's no question gas will hit $4 a
gallon," Ben Brockwell, director of pricing at the Oil Price
Information Service, said. "The question is how high will it
go and how long will it last?"
OPIS tracks wholesale
and retail oil prices and provides pricing information for
AAA's daily reports on fuel prices.
with gasoline prices now exceeding $3 a gallon before even
reaching the wholesale level, it "doesn't take a genius" to
expect retail prices to hit $4 a gallon soon.
"Consumers haven't seen the worst of it yet,"
He expects consumers in the Southeast
and Northeast to be pinched first, following the impact of
Hurricane Katrina on the Gulf Coast region.
forced operators to close more than a tenth of the country's
refining capacity and a quarter of its oil production, which
sent gasoline prices surging.
The nationwide average
price for a gallon of regular unleaded hit a fresh high of
$2.619 Wednesday, according to AAA, the largest U.S. motorist
organization, formerly known as the American Automobile
Average gasoline prices have gained 40
percent in the last year.
Prices for crude oil are
also up sharply and are currently hovering near record highs
just under $70 a barrel.