Gas Prices In 2012

Gas Will Soar To $2.25 In 2012
The price of gas will surge to $1.40 this summer and more than $2.25 by 2012 as oil supplies continue to deplete, a Canadian economist projected Thursday. Jeff Rubin, chief strategist and chief economist at CIBC World Markets in Toronto, said the International Energy Agency's oil production projections are overstated. He noted that oil production has not increased in two years, straining supply. "Whether we have already seen the peak in world oil production remains to be seen, but it is increasingly clear that the outlook for oil supply signals a period of unprecedented scarcity," Rubin said in a statement. "Despite the recent record jump in oil prices, oil prices will continue to rise steadily over the next five years, almost doubling from current levels."