Will Gas Reach The $5 Mark By 2012?

By: Alicia Myers Email
By: Alicia Myers Email

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Tuesday, December 28, 2010

Gas prices are on the rise again, soaring above the $3 mark in many parts of the country.

In just one night, gas prices across the nation rose about 10 cents.

Some analysts say that is not the final stop.

That pinch in your pocketbook at the pump is only going to get worse.

"We're facing high crude oil prices and increased global demand, and that's what has dragged retail gas prices higher," said Jim Hanni, a spokesman for AAA Kansas.

According to AAA, gas prices rose 10 cents Monday night, bringing the state average to $2.93. The Wichita average climbed to $2.89, and the national average to $3.04 a gallon.

What if gas prices rose another $2 within the next two years?

Former president of Shell Oil, John Hofmeister, said Americans could be spending $5 a gallon by 2012.

Hanni said that is a difficult prediction to make, but, "If the economy is heating up, more demand for oil could keep prices moving up."

Those filling up their tanks said in the meantime, different methods should be looked at.

"You can always try to reduce the gas prices by finding more oil, but it gets to be more and more of a difficult thing to find big oil, and cheap oil," said Cliff Zeliff, of San Antonio,Texas.

"Maybe you cut back on a few more longer distance travels, you try to combine trips," said Jerry McKenzie of Valley Center, Kansas.

"If we could put some money into the development of renewable energy, using the sun and the wind, and turning trash into energy, which is real popular these days," said Ross Quick of Austin, Texas.

Wichita has some of the cheapest gas prices across Kansas.

For a list of some of the cheapest gas stations in your area, click here.

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