At least that’s what some specialists believe. The general opinion is that if oil prices rise to $200 like some analysts believe [they] could, gas prices would reach about $7 per gallon.
On Wednesday, a new record has been set, a $134 barrel. The rise in the oil price has been attributed to worries about supply and the predictions are quite pessimistic. Goldman Sachs believes that a barrel could fetch $200 by 2010, but that statement was issues two weeks ago. Many specialists now believe that a $200 barrel price might come even sooner and it will be somewhat expected.
Others advise that the oil market is very unstable and once the summer passes, we might see a small drop in the gas prices.
Since some of the BMWBlog folks live in the Chicagoland area, for the past week, we have seen some incredible high gas prices that just a few years ago, we thought they would be atrocious. A premium gallon of gasoline was selling for $4.65 at gas stations near Downtown Chicago.
As we mentioned a few days ago, we truly hope that all the car manufacturers will invest more money in their R&D department and come up with some more efficient engines. We know that BMW is actively working on improving their EfficientDynamics technology (Video: What is BMW Efficient Dynamics?) and we will definitely see the technology being implemented in the BMWs sold in the U.S.
So, what do you people think? Will we reach a $7 per gallon by the end of next year? If I were to guess, I would say that in the large metro areas, we will see a $5/gallon premium gas by the end of this year.