$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
Gas prices are posted at a World Gasoline station in Sunnyvale, Calif.    (AP Photo)
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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.