UPDATE: Former Shell Oil president: Americans could pay $5 a gallon for gas by 2012
POSTED: Tuesday, December 28, 2010 - 10:59am
UPDATED: Wednesday, December 29, 2010 - 11:06pm
In a month which typically has the lowest gas prices of the year, the numbers just keep getting higher. Gas prices hit an average of more than three dollars a gallon across the country today. Some oil experts say those prices are going to keep climbing.
The former president of Shell Oil says Americans could be paying more than $5 a gallon for gas by 2012. He says as the global demand for oil goes up, gas prices will, too. Other oil experts say prices may get that high, but not in a year.
Economists say that for every ten cents that gas prices go up, it's a $7 million chunk out of our economy.
Charles Langley with UCAN says, "We run on an oil-based economy, so when barrels of oil start to run over $90, it has very long-term effects on the U.S. economy and the global economy."
Reports show gas prices are up four percent from last month and 16-percent from last year. The average gas price in Texas is $2.85 for unleaded oil, which is five cents more per gallon than just a week ago. However, it's still below the national average.
if you want to see a list of gas prices across the country, go here: http://www.texasgasprices.com/Prices_Nationally.aspx