$5 a Gallon for Gasoline

Scary stories are usually signs that a market has topped.

Probable $3-a-gallon gasoline, possibly going up to $5 a gallon, painted a bleak picture Monday for lovers of the open road.
Bloomberg News says crude oil costs, lack of refineries and an anticipated shortage of ethanol are likely to push gasoline prices to more than $3 a gallon this summer. Analyst Brian Hicks of U.S. Global Investors in San Antonio said $5-a-gallon gasoline is a possibility.
The national average for regular unleaded is now $2.59 a gallon. In Indianapolis, regular unleaded gas is $2.70 a gallon compared to $2.32 a year ago, according to AAA.

Here’s a chart of gas prices for the last nine months (from GasBuddy.com):

Posted by Eddy Elfenbein on April 10th, 2006 at 2:32 pm

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