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May 17, 2008 1:29:57 AM CDT

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$7 Gas? Analyst Sees It by 2012  

Posted Apr 25, 08 4:54 PM CDT in Business,  US    Most Covered

(newser) – Oil and gas prices could double in the next four years, analysts say—with $7 per gallon possible by 2012. "It is increasingly clear that the outlook for oil supply signals a period of unprecedented scarcity," an analyst at investment bank CBIC tells MarketWatch.

Gas currently averages $3.56 per gallon in the US; oil, which hit a record high of $119.90 per barrel Tuesday before receding somewhat, could be at $200 per barrel within four years as demand continues to soar—mainly in the developing world.

Source MarketWatch

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$7 Gas? Analyst Sees It by 2012
Gas prices, now approaching $4 per gallon in the US, could hit $7 a gallon by 2012, an analyst tells MarketWatch.   (AP Photo/Paul Sakuma)
$7 Gas? Analyst Sees It by 2012
Gas prices could hit $7 by 2012, an analyst tells MarketWatch, nearly double their current level.   (AP Photo/Paul Sakuma)
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