Ben Brockwell, director of pricing at the Oil Price Information Service, made it clear that he expects gas to hit $4 per gallon. It is only a matter of how high the price will go and how long it will last above that level. Brockwell also said that with gas prices already over $3 gallon at the wholesale level, it is only a matter of time before retail prices exceed $4. You can read the article for more, but basically they outline a best case and a worst case scenario. The $4 per gallon seems a little speculative, so we're going to take the 'we'll believe it when we see it approach." It may turn into a self-fulfilling prophecy, depending on how the market reacts to the oil shortage news.