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Oil prices could rise as high as $50 per barrel before the year is up, analysts say, as the world's growing thirst for crude stretches supplies thin and uncertainty abounds in petroleum-producing nations.
"The fundamental fact is that oil is tight," says Leo Drollas, chief economist for the London-based Center for Global Energy Studies. Drollas believes $40 is a more likely price in the next month or two, although if demand is strong and the weather is cold this winter prices could reach $50.
Prices might leap even higher if there was a major supply disruption, analysts said.
Even at $50 per barrel, prices would be about 12% less expensive than they were leading up to the first Gulf War, and more than 40% below the levels reached during the oil crisis of the early 1980s, when inflation is taken into account... [read more at usatoday.com]
For tips on how to save gas, read the SavingAdvice.com Gas Saving Tip Section or the following car related money saving articles]
Driving To Savings
A Penny Saved Is Worth $200 A Year!
"The fundamental fact is that oil is tight," says Leo Drollas, chief economist for the London-based Center for Global Energy Studies. Drollas believes $40 is a more likely price in the next month or two, although if demand is strong and the weather is cold this winter prices could reach $50.
Prices might leap even higher if there was a major supply disruption, analysts said.
Even at $50 per barrel, prices would be about 12% less expensive than they were leading up to the first Gulf War, and more than 40% below the levels reached during the oil crisis of the early 1980s, when inflation is taken into account... [read more at usatoday.com]
For tips on how to save gas, read the SavingAdvice.com Gas Saving Tip Section or the following car related money saving articles]
Driving To Savings
A Penny Saved Is Worth $200 A Year!