{"id":7137,"date":"2011-01-01T17:01:00","date_gmt":"2011-01-01T17:01:00","guid":{"rendered":""},"modified":"2011-01-01T17:01:37","modified_gmt":"2011-01-01T17:01:37","slug":"Oil-s-surge-in-2010-paves-the-way-for-4-gasoline","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=7137","title":{"rendered":"Oil’s surge in 2010 paves the way for $4 gasoline"},"content":{"rendered":"

The price of oil is poised for another run at $100 a barrel after a global economic rebound sent it surging 34 percent since May. That could push gasoline prices to $4 a gallon by summer in some parts of the country, experts say.<\/p>\n

The U.S. is the world’s largest oil consumer, but prices since spring have been on a roll primarily because of rising demand in developing countries, especially China. China’s oil consumption is expected to rise 5 percent next year; that compares with less than 1 percent growth forecast for the U.S.<\/p>\n

Benchmark oil for February delivery rose $1.54 on Friday to end the year at $91.38 per barrel on the New York Mercantile Exchange.<\/strong> It reached $92.06 earlier in the day, the highest since Oct. 6, 2008. Nationwide gasoline pump prices now average $3.072 per gallon.<\/p>\n

Gasoline expert Fred Rozell predicts that 15 states – including Alaska, Hawaii, Connecticut and Rhode Island – will see gasoline prices top $4 a gallon by Memorial Day.<\/strong> “A dollar more per gallon isn’t that much – probably about $750 more per year for each motorist, but there’s a psychological aspect to gas prices,” he said. “People are going to be up in arms about this.”<\/p>\n

SOURCE<\/a>
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