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HIGH GAS PRICES?

CNN.com reports the increasing gas prices in the US that started on May 13. The current average is now above US$3.00 per gallon which is 12.9% increase from last months figures. To make matters worse, more increases are expected due to a projected increase in demand during the summer season.
"AAA warned in congressional testimony last week it believes prices will approach $3.25 a gallon over the next 60 days.

Even with the record gas prices, AAA is predicting a record number of Americans will be hitting the road during the holiday weekend, with 38.3 million expected to be traveling 100 miles or more, up 1.7 percent from a year ago. And most of those - 32.1 million - will be driving, according to the motorist group."

The current pump prices may be worrying us too much but let us examine an old post in this page. Today's price of crude as posted at http://www.oil-price.net, is $65.89/barrel. A few months ago, an article quoted a BBC news report that interviewed experts who estimated the real price of oil to be around $182/barrel. Are we on our way to that level?

Scared?

Related Post: Oil Prices
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