In an earlier post, I reported that gas could hit as high as $4 a gallon this summer in the midwest. CBS is now reporting that this may be the most painful year at the pump and that gas prices may hit as high as $5 a gallon in Chicago by Memorial Day. I have also heard reports on the radio saying that if Iran is successful in closing the Strait of Hormuz, that gas may hit $20 a gallon. $20 a gallon gas is something that I cannot fathom. Very few people are in a situation where they can walk to the store and to work. Still, the price of everything would skyrocket. We have so many things, like plastic, that are made from petroleum. Then, there's the fact that all of these things are brought to the store via truck. $20 a gallon gas would not only cripple transportation, but also make essential items for daily living unobtainable for many people. I truly cannot imagine what this would do to our country. However, necessity is the mother of invention; and it is times such as these that inventors and entrepreneurs can and will make a difference. Gas Outlook: ‘Most Painful Year At Pump Ever’ « CBS Chicago
CHICAGO (CBS) — Gasoline prices could approach $5 a gallon by Memorial Day and stay a record levels for much of the summer, according to a forecast by GasBuddy.com. Gas prices always spike in the summer, but the 2012 Gasbuddy.com Price Outlook predicts this summer will break records. “It looks like it might be the most painful year at the pump that we have ever seen,” senior analyst Patrick DeHaan said.
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