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Gas Price Forecast Summer 2012 3/22/2012
Gas prices have begun their annual ascent earlier in the year than usual, and this sends a message for the summer forecast that could hurt consumers in 2012.
 
As of last Friday, the national average is up in recent weeks and more drivers than ever before could soon be paying $5 a gallon.“It’s going to be a nasty year for gas prices,” Patrick DeHaan, senior petroleum analyst for GasBuddy.com, tells the News.
 
The likely reasons behind the hike include tensions with Iran, growing gas demand from Asia and South America and natural disasters.
 
Iran has threatened to close a key oil passageway, the Strait ofHormuz, in possible retaliation for new economic sanctions from the U.S. and the European Union. Iran holds the world’s fourth-largest proven oil reserves, and the world’s second-largest natural gas reserves.
Should Iran become more hostile and cause a supply disruption, oil prices could soar to all-time highs and approach $175 to $200 a barrel.


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