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Gasoline prices, currently averaging a little over $3.93 a gallon, can shoot up in the $4.50 to $5 range later this year, says Marvin Odum, CEO of Shell Oil Company, the U.S. unit of Royal Dutch Shell.
They can also fall off those highs quickly, depending on how fast the world can resolve tensions in the Middle East or other factors affecting demand.
"I think if you look at the range of possibilities of what could happen across the world over the next several months, that's certainly within the realm of possibility," Odum tells CNBC, when asked if $4.50-$5 gasoline were possible.
Gasoline in Venezuela costs about 12 cents a gallon, well below the $4 a gallon or more paid in most of the industrialized world.
Originally posted by dawnstar
just wondering here....
if people go paycheck after paycheck choosing between $5 gas to get to work, or the roof over their head, or food on their table.....
how long do ya think it's gonna take before they decide the food and roof is more important than the job that is costing $5 or more dollars to get to everyday???
the foundation of our little house of cards could get swiped out from underneath us if they raise the price too high.;
and personally, once the roof over my head goes and I am eating a meal every other day, well...
that's when I up and quit the job and head for open space to live off berries and nut and other edible treats that the forest provides for free!!!
these people need to learn, you can't get blood out of a rock!!!