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$6 Gas Possible by Year's End

With oil near $150 a barrel, experts say $200 is a very real number for 2008

By Jim O'Neill,  Newser User

Posted Jul 7, 2008 7:38 AM CDT
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(Newser) – As oil flirts with $150 a barrel, nearly double its price from last year, the specter of $6 a gallon gas at US pumps has become more real. A plethora of factors—from the threat of conflict with Iran to tight supplies and a weak dollar—continue to exert upward pressure on crude prices, the Wall Street Journal reports.

US oil prices closed last week at a record $145.29 a barrel, and experts say there are few forces acting to check their rise. "Crude is going up," said a Houston oil analyst, "because there is nothing strong enough yet to push it down." The rise has even sparked debate over tapping into the 706 million barrels in the US' Strategic Petroleum Reserve.

Gas prices are posted at a World Gasoline station in Sunnyvale, Calif.
Gas prices are posted at a World Gasoline station in Sunnyvale, Calif.   (AP Photo)
A driver pulls out of a gas station where the price for regular gasoline is $4.89 in Los Angeles on Thursday, July 3.
A driver pulls out of a gas station where the price for regular gasoline is $4.89 in Los Angeles on Thursday, July 3.   (AP Photo/ Matt Sayles)
In this June 27, 2008 file photo, a person pulls a gas pump from his vehicle after filling his tank in Philadelphia.
In this June 27, 2008 file photo, a person pulls a gas pump from his vehicle after filling his tank in Philadelphia.   (AP Photo/Matt Rourke, file)
A sign advertising gas prices is seen in Beverly Hills, Calif. on Friday, June 13, 2008. Gas prices of $6 a gallon by the end of the year wouldn't be shocking, reports the Wall Street Journal.
A sign advertising gas prices is seen in Beverly Hills, Calif. on Friday, June 13, 2008. Gas prices of $6 a gallon by the end of the year wouldn't be shocking, reports the Wall Street Journal.   (AP Photo/Matt Sayles)
A trucker leaves a truck stop in front of a sign advertising the price for diesel at $5.019 per gallon off the New York State Thruway in Pembroke, NY, Monday June 9, 2008.
A trucker leaves a truck stop in front of a sign advertising the price for diesel at $5.019 per gallon off the New York State Thruway in Pembroke, NY, Monday June 9, 2008.   (AP Photo/David Duprey)
Gas prices are seen on signs at two gas stations in Milwaukee, Ore., Thursday, July, 3.
Gas prices are seen on signs at two gas stations in Milwaukee, Ore., Thursday, July, 3.   (AP Photo/Don Ryan)
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What's behind oil's 100% gain since last year?
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Money • US

 
gas prices • oil price • oil production • $100 a barrel oil • oil reserves • economy • strategic petroleum reserve

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