GASOLINE WILL SPIKE TO ABOUT $3.50 A GALLON DURING DECEMBER

(11/14/2007)

The price of gasoline is expected to climb to $3.40-$3.50 a gallon during December, according to the U.S. Department of Energy's top forecaster. The average price of gasoline in the USA was $2.28 a year ago. The average in West Virginia now is $3.17. Prices could go even higher if the oil cartel doesn't increase production, said Guy Caruso, who heads the Department's Energy Information Administration. Caruso predicted that the price of gasoline will continue to rise even if crude oil prices do not. Caruso predicted that crude oil prices will remain high through the first three months of 2008. Supplies that come onto the market after that will be more expensive because of "dramatic increases in the cost of doing business" for oil companies, he told The Wall Street Journal.

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