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Francisco
Staff

Francisco asked 6 months ago in Unemployment

Are gas prices going to skyrocket this summer?

I see gas prices creeping up day by day in the past month or so. Does anyone think it will skyrocket back to $3-4 range for the summer? In NJ, right now the gas price is at around $2.3 for regular.

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Paul
FiLifer

Paul responded 4 months ago

Reply

I made the jump to public transit last year when prices were around $4.00. That said, I'm still with it, even though I don't believe the prices will reach that level any time soon. I know you asked this question a while back, so it's not truly a fair question to answer now, but we've seen crude prices meet resistance at in the 70's and drop back down to near 60 (which is about where it stayed for much of 06 and 07.

That said, if we start to see more inflation, all bets are off.

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Aaron Shaw
Gold
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I don't think that this presidency adimistration will let gas get any higher than what we have witnessed in the past.

If so, I'd learn to start saving money just a lil better than the way I am now, if gas prices will consider how or why I'm not feeling financially stable.

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dbrooks
Newcomer
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They will continue to increase but we probably won't see a 2008 type spike for another couple years. But it is coming...

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Daniel
Staff
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It looks like we'll hit the threes again, but unless there's market-altering news I don't think it'll be as bad as last summer. Of course...that really seemed like an extreme.

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Matthew Gould
Staff
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You bet! My local gas station has already gone up to $2.47 and it's not even the end of June yet. Buckle up...this summer is going to be an interesting ride where gas prices are concerned.

Wasn't it not too long ago that a gallon of regular was less than $2?

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Russell Wayne, CFP
FiLife Contributor
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If there's a significant geopolitical event, yes. Otherwise, no. There are hundreds of millions of barrels of oil floating in tankers around the world. We've just been through the summer season without any unusual price spikes and crude prices have spent most of the time between $65 and $75 a barrel. What's more, there have been several major oil finds over the past few months. Over time, there will be upward movement in oil prices, but the possibility of skyrocketing will depend primarily on the state of world political stability.

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