Gas $4.00 a Gallon by Summer or Sooner - 3/16/08

A record high retail price of gasoline was hit this week at $3.28 per gallon surpassing the last record in May of 2007.  Some gas distributors are reporting we may see $4.00 a gallon gas by mid April but for sure by summer when road travel typically peaks. 

The higher price of gasoline is naturally due to the record crude oil prices nearing $115 per barrel.  World consumption is outpacing new supply and is drawing investors in the future market.

President George W. Bush has pressured oil cartel OPEC to boost crude oil production to ease records oil and gasoline prices and help prevent an economic slowdown.  Bush has been encoreged to make calls for more supply, but he is not doing enough.

The production of the world’s oil fields is most likely on the decline. Learn more about Peak Oil | Video

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