how high can gas prices goes up this summertime? is the Presidential Elections coming spike the hike?

High enough that the welfare residents won't be able to drive to the bank to cash their checks

Gas prices are rising, and will continue to rise...forever. The days of 1.33 a gallon are long gone.

Morgan Stanley has projected that gas prices will go up to $5 a gallon, perhaps by July 4.

There are several reasons prices are skyrocketing.

The first reason is because we have already reached Peak Production. That means that of all the oil that ever existed in the ground, we have already used up half; so less than half remains to sell and use.

Five years ago, nearly every working adult in America owned a car; while only small percentages of working adults in China, Japan, India, and Russia owned a car. Within these past few short years, those numbers abroad have changed rather significantly. Therefore, more oil is being sold to other countries faster than a few years ago. If America wants this oil for themselves, they'll have to pay higher for it.

Another reason is the threat of war in the regions with the most oil. The majority of oil in the world is found in OPEC nations; Saudi Arabia, Iran, Iraq, Venezuela, Nigeria...

An Israeli official recently said an attack on Iran is imminent, and there have been threats of bombing attacks on Nigerian oil fields. Therefore, those countries raise their prices.

The way to lower prices, or to even stabilize them is for us as Americans to stop using so much of it. We need to recognize that we are indeed in an oil crisis, and we should curb our use of things like motor bikes, three wheelers, and gas guzzling SUV's. We need to mandate the immediate transition from oil to solar, wind, steam, and battery sources of "fuel". We already have the technology, we just need to implement it.

Moreover, we need to stop buying so much crap with plastic in it. Plastic has oil in it. Everything you see that is plastic has oil in it. This too creates more demand and drives up costs. If we stop buying so much plastic garbage that we don't need - we will help to stabilize oil costs and not create so much wasteful junk in this country.

$5 a gallon will look cheep by Labor Day, mark my words!!

The below posters do not understand supply and demand. China which 10 years ago had very few cars, now is blowing up with car sales. You have to remember they outnumber us 7 to 1, and with that market just starting, their consumption of fuel will dwarf ours in the next ten years. Gas will be $7-$10 a gallon by 2015.

Oil prices should be higher than normal, but not this high.

Mainly it is a bubble caused by the threat to Iran and the Iraq War. It is now on blast off and won't fail until we pull out of the Middle East.

Gas prices can and maybe will go as high as people are willing to pay for it. The Arabs could give a damn if you like it or not. All they are interested in is bankrupting and destroying us. They are doing a bang up job by the way.

I've heard it could go up to $5. I don't think the elections have much to do with it, how could it? But it would be interesting to see if gas prices go down AFTER the election, mmmm.....

Well, it depends on how much shareholders wanna make this summer. Congress collectively voted to not tax big oil profits What does that tell you?, they don't want their shares to be affected (as of now).

They are saying that they might go up to 5 dollars/gallon by Labor Day.

$6.20 a gallon by November. Thank God the Fed stopped lowering rates or it would be even higher.

As long as we keep on buying from other countrys it will keep going up ...it time to drill ...