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cyberdude558

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: February 23, 2011, 04:19:23 PM

If political unrest in Libya spreads to other oil-rich countries and the ensuing chaos disrupts crude oil production, gas prices could hit $5 a gallon by peak summer driving season, industry analysts say.

Oil prices soared to the highest level in more than two years as violence spread in Libya and Moammar Gadhafi's grip weakened. Only a small amount of Libya's oil production appeared to have been affected, though analysts fear revolts will spread to OPEC heavyweights like Iran.

Benchmark West Texas Intermediate for April delivery jumped $4.59, or 5% to $94.30 per barrel on the New York Mercantile Exchange. The last time oil traded at that level was Oct. 2, 2008. The April contract traded as high as $98.48 per barrel.

"If this thing escalates and there's a good chance that there'd be a shift in supplies, $5 gas isn't out of the question," says Darin Newsom, senior analyst at energy tracker DTN.

The average price of regular gasoline is expected to rise to $3.25 within a few days, says Tom Kloza, chief analyst at the Oil Price Information Service. That's 2.5% above Tuesday's $3.17 national average.

http://www.usatoday.com/money/industries/energy/2011-02-22-1Alibyagas22_ST_N.htm

beardmcdoug

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#1 : February 23, 2011, 05:36:04 PM

well, we've reached peak oil, so the price is just going to keep going up anyways

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