Economists predict gas prices to soar to $10

Sunday, April 27th 2008, 11:21 pm
By: News 9

By Rusty Surette, NEWS 9

Economists are predicting more pain at the pump - gas prices as high at $10 a gallon in the next four years.

Oklahomans, who were already struggling to pay record high prices, said it is a frightening proposition.

"I lost my job a year ago with the Dayton Tire Plant, so it's hitting me hard in the pock books," Nathan Shaw said.

Shaw said he needs his van to transport his five children. He said he's already struggling to pay the $100 it currently costs to fill up.

Jeff Rubin, chief economist for CIBC World Markets, said he thinks the worst is still ahead.

"Probably about $4.20 by the summer, and we'll see gasoline prices continue to escalate," he said.

Rubin has a history of predicting gas prices.

He correctly forecast that gas would be $50 a barrel in 2005 and $100 a barrel by the end of 2007.

His latest prediction is $225 a barrel by 2012, which could mean prices as high at $10 a gallon.

Kenneth Williams, Sr., said he's not worried about Rubin's prediction.

"It might not happen," Williams said.