$5 Gas Prices By Labor Day?

Submitted by Anonymous on Fri, 03/14/2008 - 09:23
If gasoline prices move from their current average price of $3.20 to $5, the cost of fuel for a family that spends $50 a week for gas would move up over $1,000 a year. That would wipe out any tax rebate payments from the Federal government and drive the economy deeper into its currently slowdown. It would also further fracture already delicate P&Ls and balance sheet at large auto makers and airlines. Retailers would get less traffic. Very few industries would be spared some effect. Read More . . . http://www.247wallst.com/2008/03/5-gas-by-labor.html

God Forbid!

Submitted by Niralisherni (not verified) on Tue, 03/18/2008 - 02:46.
But market forecasts seem to indicate that the $5 mark is not far to reach. And that is in the US, where petrol is not even that expensive! Other counties are going to be affected even more by petroleum price rise. If more people would think of going in for more energy efficient vehicles or vehicles that run on alternative energy such as electric vehicles or even hybrids, the pressure of demand for petroleum and petroleum products may decline somewhat and consequently prices may not rise that steeply. Time will tell.