Green Blog: What Next for Gas Prices?

What Next for Gas Prices?

Green Blog: What Next for Gas Prices?

Suzanne DeChillo/The New York Times Gasoline prices on Wednesday at a station in Millwood, N.Y. As I write in Thursday’s Times , gasoline prices keep going higher and higher. And how high they are going to go is just about anyone’s guess. Those who track the supply and demand fundamentals say the price of oil should be about $80 a barrel and gasoline prices should be as much as 50 cents below where they are. But throw tensions with Iran into the mix, and you get scary prices. Investors – called speculators by many – see the fear and they throw money into oil futures contracts. That raises all of the benchmark oil prices well over $100 a barrel. The bet is the United States and Europe will continue to squeeze Iran with sanctions, which means there could be reduced supplies on world markets. If Iran retaliates by blockading the Strait of Hormuz, the vital Persian Gulf sea la...

Full article: http://green.blogs.nytimes.com/2012/03/01/what-next-for-g...

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