Barron's says oil likely to hit $150 a barrel next spring, gas $4.50 a gallon

In early May of 2011, the national average price of gasoline in the United States hit exactly $4 a gallon before falling to the current level of $3.56. However, if predictions from Barron's hold true, then prices will shoot back up in early 2012, hitting $4.50 by next spring.
Barron's, America's self-claimed "premier financial magazine," says that crude oil prices will "likely" reach $150 a barrel by spring of 2012, with spikes of up to $170 expected. At that price, Barron's claims that the going rate for a gallon of gas will be within pennies of $4.50 a gallon.

The magazine estimates that rising oil prices will stunt quarterly growth by 1.5 percent in gross domestic product and forecasts that crude oil will stay at or above $150 a barrel for "several months" before we see a slight drop in price. For the record, oil is currently priced at less than $97 a barrel. Are you ready for $4.50 gas?

[Source: Ward's Auto – sub. req. | Image: micah.d - C.C. License 2.0]