(Image Source: CNN)

 

BY TATIANA DARIE

 

ANCHOR EMILY SPAIN

 

You think you’re wallets are in a pinch at the pump when you pay 4 dollars a gallon??  Well try 8! Energy consulting firm IHS Global Insight based in Massachusetts said Wednesday gas prices could go up to $8. USA Today has the story...

 

“Gas prices could double if Iran acts to close the Strait of Hormuz to oil-tanker traffic near the beginning of next year, cutting global economic growth by more than 25%...”

 

International Monetary Fund chief Christina Lagarde says if oil prices, which now stand at about 120 dollars a barrel, continue to rise, it would be a serious blow to the world economy. An RT correspondent reports on LaGarde’s comments...

 

“We are trying to pull the EU out of the recession it has been gripped by. If it rose to 160 dollars a barrel all of that would certainly been undone and would face perhaps another serious financial crisis.”

 

But economists say some markets could take advantage of the price boom. The chief economist at IHS Automotive says in the Montreal Gazette...

 

“If consumers come to expect a sustained run of high gas prices, the closing of the strait could prove to be a "tipping point'' that drives acceptance of new technologies like electric cars.”

 

Oil prices have increased since the U.S. and the EU imposed sanctions against Iran because of its nuclear energy program.  But on Tuesday Secretary of State Hillary Clinton said the U.S. has exempted 10 EU members and Japan from the economic sanctions because they have reduced oil purchases from Iran. An Iranian lawmaker comments on Press TV...

 

“The EU could take a wise measure if it also follows up the U.S. retreat from its stance against Iran, the legislator said, adding that the 27-member bloc can save itself from more serious crises that it might face in the future.”

 

MSN Money says there's one other scenario...

 

“Some kind of diplomatic resolution that avoids a military confrontation and pushes oil prices down instead of up. That would mean politics as usual, which is ugly enough. But the politicians, at least, would have one less thing to argue about.”

 

So far this year, gas prices in the US have risen by nearly 55 cents a gallon and stand at a national average of $3.88.

 

Gas Prices to Reach $8 a Gallon By Next Year?

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Mar 23, 2012

Gas Prices to Reach $8 a Gallon By Next Year?

(Image Source: CNN)

 

BY TATIANA DARIE

 

ANCHOR EMILY SPAIN

 

You think you’re wallets are in a pinch at the pump when you pay 4 dollars a gallon??  Well try 8! Energy consulting firm IHS Global Insight based in Massachusetts said Wednesday gas prices could go up to $8. USA Today has the story...

 

“Gas prices could double if Iran acts to close the Strait of Hormuz to oil-tanker traffic near the beginning of next year, cutting global economic growth by more than 25%...”

 

International Monetary Fund chief Christina Lagarde says if oil prices, which now stand at about 120 dollars a barrel, continue to rise, it would be a serious blow to the world economy. An RT correspondent reports on LaGarde’s comments...

 

“We are trying to pull the EU out of the recession it has been gripped by. If it rose to 160 dollars a barrel all of that would certainly been undone and would face perhaps another serious financial crisis.”

 

But economists say some markets could take advantage of the price boom. The chief economist at IHS Automotive says in the Montreal Gazette...

 

“If consumers come to expect a sustained run of high gas prices, the closing of the strait could prove to be a "tipping point'' that drives acceptance of new technologies like electric cars.”

 

Oil prices have increased since the U.S. and the EU imposed sanctions against Iran because of its nuclear energy program.  But on Tuesday Secretary of State Hillary Clinton said the U.S. has exempted 10 EU members and Japan from the economic sanctions because they have reduced oil purchases from Iran. An Iranian lawmaker comments on Press TV...

 

“The EU could take a wise measure if it also follows up the U.S. retreat from its stance against Iran, the legislator said, adding that the 27-member bloc can save itself from more serious crises that it might face in the future.”

 

MSN Money says there's one other scenario...

 

“Some kind of diplomatic resolution that avoids a military confrontation and pushes oil prices down instead of up. That would mean politics as usual, which is ugly enough. But the politicians, at least, would have one less thing to argue about.”

 

So far this year, gas prices in the US have risen by nearly 55 cents a gallon and stand at a national average of $3.88.

 

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