Gas Prices Likely to Climb 20 Cents by Next Month

Even if OPEC increases production and oil gets cheaper, it'll cost you
By Sam Gale Rosen,  Newser Staff
Posted Nov 13, 2007 4:41 PM CST
A customer pumps gas at the GetGo gas station in Bainbridge Twp., Ohio on Thursday, Nov. 8, 2007. (AP Photo/Amy Sancetta)   (Associated Press)
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(Newser) – Gas prices will go up at least another 20 cents in December, and they could climb further after that if OPEC doesn't increase production, says a top Energy Department forecaster. Gas prices will keep rising even if crude prices fall, says Guy Caruso, because the refiners haven't fully passed along their rising costs to the consumer yet.

Oil futures fell yesterday, reports the Wall Street Journal, after a tip that Saudi Arabia might begin to boost oil output as early as this week. But that nation's oil minister later said production increases wouldn't be discussed until an OPEC meeting next month. Meanwhile, Caruso also said that he expects crude to drop to $80 a barrel sometime next year.