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Summertime shocker: Gas could hit $3 a gallon
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| Parent(s) |
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| Contributor | Gerald Farinas |
| Last Edited | Gerald Farinas Jan 16, 2004 05:14pm |
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| Category | News |
| Media | Newspaper - Chicago Sun-Times |
| News Date | Friday, January 16, 2004 06:00:00 AM UTC0:0 |
| Description | Summertime shocker: Gas could hit $3 a gallon
Drivers of SUVs and other gas guzzlers may want to keep their vehicles parked over the summer.
That's because some experts are saying that gas could -- gulp -- hit the $3-a-gallon mark.
"It is not only possible, it is probable," said Fred Rozell, director of gasoline pricing for Oil Price Information Service, which tracks and reports on the oil industry. "In the summer, we consume more gasoline than we produce.
"[This year] we won't have that extra supply to help us."
Winter weather, bolstering demand for heating fuels, already has cut U.S. crude stocks to the lowest level since 1975.
And with simple economics -- in particular the supply and demand rule -- consumers can expect the price of gas to reach record levels. Those prices would especially be possible in Chicago, where government regulations require gas stations to supply more costly reformulated gasoline to reduce smog.
"This could be the year that gasoline prices start to change the way people behave," Rozell said. "They may drive less or look to buy more fuel-efficient vehicles and get rid of their SUVs." |
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