Gas prices could spike again

Thursday, January 3rd 2008, 9:54 pm
By: News 9

By Stacey Cameron, NEWS 9

Oil prices are rising to record levels. Could we see the price of gas jump above $4 a gallon in 2008?

The lowest price per gallon in Oklahoma one year ago was a $1.91 a gallon. That price ballooned to $3.29 just five months later. The average price per gallon in 2007 in the state was $2.70.

Chuck Mai is a spokesperson for Triple A. He won't predict whether gas prices are going to rise above record levels.

"I'd feel more comfortable telling you who's going to win the World Series in 2010 than try to predict gas prices," Mai said.

Mai is concerned the past two days oil has traded above $100 a barrel. He says if the crude prices stay high motorists are going to start feeling the pinch.

"It really depends on how long we maintain these high crude oil prices," Mai said. "If it's a matter of weeks, yeah, we will certainly see higher pump prices."

According to Steve Agee the price per barrel could be enough to spike prices at the pump. Agee is Chairman of the Oklahoma Energy Resource Board. He blames the high cost of crude oil on civil unrest in oil producing countries like Kenya and Pakistan as well as higher demand for oil worldwide.

"We have to be concerned about increasing demands by China and India and other countries," Agee said. "It certainly impacts us."

Add to that our own oil production problems right here in the U.S.

"We have pipeline problems, refinery problems, the weak dollar," Mai said.

Come January 2009, motorists may be wishing for the good old days of gas at $2.99 a gallon.

Mai says crude oil affects the prices at the pump because 60 percent of the cost of gas comes from crude oil used to make gas.