With gas prices to remain steady around $3 a gallon, the media's been having a field day, predicting that $4 may be reached by year's end.
Apparently, though, it'll take a lot of factors to jack up prices to such a level. States analyst Mark Routt of the Energy Security Analysis, Inc., "One of two things would have to happen for prices to increase 50 cents to a dollar. Either there would have to be a massive increase in demand globally, which is unlikely, or a massive drop in supply, which would push the price of crude up."
Factors that could affect prices include refinery problems, pipeline issues, or another hurricane. Currently, crude oil and gas prices are actually dropping as inventories build, cease-fire in the Middle East between Hezballah and Israel; and BP continues to pump fuel in Alaska.
At $4 a gallon, would most Americans cut back in their driving habits? Most analysts and consumers interviewed agree that the price will have little impact in their driving habits, stating the gasoline-powered car is too much of a necessity in their lives.
[Source: Detroit News]
Apparently, though, it'll take a lot of factors to jack up prices to such a level. States analyst Mark Routt of the Energy Security Analysis, Inc., "One of two things would have to happen for prices to increase 50 cents to a dollar. Either there would have to be a massive increase in demand globally, which is unlikely, or a massive drop in supply, which would push the price of crude up."
Factors that could affect prices include refinery problems, pipeline issues, or another hurricane. Currently, crude oil and gas prices are actually dropping as inventories build, cease-fire in the Middle East between Hezballah and Israel; and BP continues to pump fuel in Alaska.
At $4 a gallon, would most Americans cut back in their driving habits? Most analysts and consumers interviewed agree that the price will have little impact in their driving habits, stating the gasoline-powered car is too much of a necessity in their lives.
[Source: Detroit News]
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