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....
and those of you who use heating oil in the winter... well....
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.