$4 A Gallon Gas A Possibility Again

BOSTON (CBS) – We’ve been warned by the experts that the price of everything is going up, including gasoline.

Crude oil prices have been climbing steadily. They’re up $8 a barrel in the last week, putting it above $93 a barrel now.

That translates to higher gasoline prices.

“The price spike that we’ve seen on the Libyan situation, this $8, just on the math, a breakdown on the barrels, is going to be good for 20-to-25 cents a gallon higher than what we’re seeing already at the pump,” oil industry analyst John Kilduff told WBZ NewsRadio 1030.

“So, it’s a staggering figure when you figure that the average across the United States is $3.14. This gets us upwards of $3.50 a gallon in many locations.”

WBZ NewsRadio 1030’s Deb Lawler talks to Kilduff

He also notes the situation in the Middle East isn’t helping.

“Certainly the way the dominoes have been falling, one after the next, and the way the crisises are encircling, literally, Saudi Arabia, country after country now, $4 looks pretty likely here into the spring.”

“If the kingdom (of Saudi Arabia) gets threatened at all, that’s it. I mean they’re the number one producer by far. They put 8 million barrels on the global market, 10-percent of global consumption comes from the kingdom, so it’s all bets off.”

Read: Fuel Efficient Car Sales Up

Kilduff said the last time gas approached the $4 a gallon mark it “broke the backs of consumers” during the recession.

WBZ NewsRadio 1030’s Carl Stevens talks to drivers in Roxbury

More from Deb Lawler
Comments

One Comment

  1. Denise says:

    the worst part is there is no reason for it – we should process our own fuel – there are enough places that a plant can be built. But Greed runs the world! we could all pay less than 1/2 of what we are now and the glutons would still be making billions!!!! I for one am looking for a job closer to home – taking a pay cut of 10,000+ might actually save me money in the long run!

  2. Ed Dracut says:

    When GW was the president the media would made boom boom in there underoos and the would have locked on to this and not let go. It would be the lead on every news show. But GW is not in charge Obama is. And he already said we don’t have any problems every thing is fine. The economey is recovering. Yeah right I have a bridge I can sell you real cheap!!!!!

  3. 1stackmack says:

    if we don’t keep the investers in check.we will be back in the same hole we just climbed out of.forget gas prices.its the diesel prices that should be kept in check.since the worlds shipping and manufaturing rellies more on diesel than gas,i’e construction,transportation,and alike.but the damn investers are just thinking of themselves.

  4. christine says:

    People, do you realize that we have 256 billion barrels of oil in reserve? There
    isn’t any reason for this insanity. What are we waiting for? The US is in a crissis
    HELLO!! If we simply opened up our reserves, the economy wouldn’t even need to recover. Another good idea, all the oil we drill we export. Let’s let foriegn countries come in and drill for oil on our land & pollute our beaches. These are great ideas….. Time for the people of the US to wake up and demand
    change….Omama, you remember that line, right?!!

  5. roadbowler says:

    IT’S NOT THE INVESTERS!!!!! WATCH FOX NEWS!!! THE MIDDLE EAST IS ON FIRE!!!! THE SUEZ CANAL WILL SOON BE SHUT OFF TO OIL BARGES!!!! SAUDI ARABIA WILL BE ON FIRE NEXT!!! ALL THIS IS CONTRIBUTING TO THE PRICE OF OIL GOING THROUGH THE ROOF!!!

    The caps was necessary because I had to get your attention….the mainstream media is still hanging on to the ‘freedom/democracy’ angle in the middle east. The truth is far, FAR from that.

  6. demoon says:

    We import 50% of our oil. Canada is our largest supplier, Mexico is second, and Saudi Arabia is third. So why does a the current situation have such a dramatic effect on our gas prices? Speculation, greed and politics.

  7. Marty-Hudson says:

    My question is, if we went into Iraq to make sure the oil was secure, and there can be no argument that we did, then why are we as taxpayers footing the bill for the TRILLIONS spent there when the oil industry is the major beneficiary of it?

    Wait until the end of 2nd quarter profits are announced and see if Exxon/Mobil and every other reporting oil company didn’t hit record profits, AGAIN!

  8. emom says:

    blame the powers to be , the ones that are in charge, the corrupt oil tycoons, the greedy shifty selfless jerks, the money scavengers, If we have all this resevre how is it we have never used it, if we have all this reserve how is it we cant give it to those truely in need of it, If we dont depened on saudi arabia or much of the middle eastern countries , then why do we sell to them.. If we get our oil much closer than that then why is there such a huge increase in what we pay. WHY WHY WHY WHY .,,,,, CAN OBAMA EVEN HAVE THE GUTS TO ANSWER THE AMERICANS ,,, WOULD HE EVEN SIT DOWN AND RATIONALIZE WHY WE AS AMERICANS MUST BE SUBJECTED TO A HOSTAGE NEGOTIATION WITHA COUNTRY THAT WE TRUELY HAVE NO TIES TO OR BUSINESS WITH….
    THESE ARE PRESSING QUESTIONS WHICH GO UNANSWERED… DO WE NOT DESERVE AN ANSWER TO THESE PRESSING QUESTIONS…. DONT WE…

  9. Paul says:

    Why are we not producing our own oil? Why do we have to go to other countries when we have enough in this country. It’s the fault of all these environmentalists that say we can’t drill any where. Also one last question, If President Obama has lifted the drilling ban in the Gulf, Why are none of those wells operating now, and the workers have not been put back to work?

  10. JANET T. LAPOINTE says:

    increased GAS PRICES EQUALS LESS SHOPPING,RESTAURANTS,AND ENTERTAINMENT………….ALLTHINGS THAT MAKE THE ECONOMY THRIVE.SOME PEOPLE WHO HAVE A JOB WITH FEW HOURS MIGHT NOT BE ABLE TO TRAVEL TO WORK.THE BACKS OF THE MIDDLE CLASS ARE BREAKING1

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Boston

Summer of Savings
Download Weather App

Listen Live