Five Dollars For A Gallon Of Gas Is Closer Than You Think

Five Dollars For A Gallon Of Gas Is Closer Than You Think

New York City : NY : USA | Mar 21, 2012 at 12:35 PM PDT
Views: Pending

Yesterday, International Monetary Fund (IMF) Chief Christine LaGarde warned that escalating tensions in the Middle East could drive oil prices to a whopping $160 a barrel.

As of today, oil prices are at $120 a barrel with the average gas prices nationwide being $3.86 per gallon. Using ratios and proportions, if the price of oil goes to $160 per gallon, then the average price for gas throughout the USA would skyrocket to $5.15 per gallon.

This price increase seems inevitable because the only way that the price speculation would decrease the cost of oil is if conflict ceases in the Middle East. When has the Middle East ever been free of conflict? Never.

Adrian Holman is based in Joliet, Illinois, United States of America, and is an Anchor on Allvoices.
Report Credibility
  • Clear
  • Share:
  • Share
  • Clear
  • Clear
  • Clear
  • Clear

News Stories

  • India's budget gets nod from IMF

    India's budget plan for the coming fiscal year, which got a thumbs-down from the stock market here, has received the backing of the International Monetary Fund. A taxi trip around the globe Three friends came up with a crazy idea in the back of a...
  • War with Iran to cause 30% oil price shock – IMF

      Russia Today
    A sudden cut of oil flow from Iran may cause a surge of crude prices of up to 30 per cent, dealing a blow to the world economy, warns IMF chief Christine Lagarde. ­The continuing standoff between Iran and the West may result in serious consequences...
  • Oil prices get 'fear premium' spike

      Russia Today
    Global oil prices have risen with US President Barack Obama saying a military strike against Iran is not ruled out...And these are market speculators who are enlarging the bubble, even though there is no threat of an oil shortage. It's obvious that...
  • Asian markets slip on China fears, oil edges up

      Channel NewsAsia
    Asian stocks were mostly lower on Wednesday, weighed down by concerns over a slowdown in China's economy, while oil prices edged back up after big falls in New York. Receding concerns over the eurozone debt crisis provided support for the euro, which...
  • Oil falls most in three months

      Sydney Morning Herald
    Story continues below Oil for April delivery fell $US2.48 to settle at $US105.61 a barrel on the New York Mercantile Exchange, the biggest one-day decline since Dec...The more actively traded May futures declined $US2.49, or 2.3 per cent, to $US106.



More From Allvoices

Report Your News Got a similar story?
Add it to the network!

Or add related content to this report

Most Commented Reports

Use of this site is governed by our Terms of Use Agreement and Privacy Policy.

© Allvoices, Inc. 2008-2014. All rights reserved. Powered by PulsePoint.