>“Gas (& Oil) prices rise to new records”. Seems like this headline appears in the news media every day. Oil and gas prices seem to be a topic everyone is discussing and complaining about nowadays. As national average gas prices approach $4 (I am already paying more than that where I live), we should count ourselves fortunate compared to some of our global community who are paying much more. Then again in Middle Eastern and South American countries gas is still cheaper than water. The table here shows the equivalent gas price per gallon in other countries. Clearly the self sufficient and oil exporting countries are keeping their citizens happy by holding gas prices well below global averages.
I think as the dollar continues to touch new lows, speculation in commodity markets and the prospect of geopolitical tensions, oil and gas prices will continue to rise or at least stay at current highs. $100 oil is here to stay, which means $5 gas is only around the corner. What say you?