If a sizeable hurricane hits the Gulf this season look for prices to skyrocket... to $5+/gal
and those of you who use heating oil in the winter... well....![Dead :dead: :dead:](/images/smilies/xdead.gif)
and those of you who use heating oil in the winter... well....
![Dead :dead: :dead:](/images/smilies/xdead.gif)
Here's the relationship between oil and gas prices. Generally, for every dollar increase in oil prices, gas prices increase by 2.4 cents. If oil rises $10 dollars, consumers will pay 24 cents more at the pump.
Tom Kloza of the Oil Price information service says that if oil goes to $150 a barrel, we'll pay $4.32 to $4.37 a gallon. At $175 per barrel, we can expect to pay $4.95 to $5.00 a gallon and at $200 a barrel the average retail price for gas could cost anywhere from $5.58 to $5.63 a gallon, excluding hurricanes and other threats to our refining infrastructure.