$7.00 a gallon gas by 2012? Watch Video Read Comments
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By Rob Packard
Monday, April 28, 2008 at 4:50 p.m.

Read more: Local

If you think gas prices are high now, you might be horrified at what could loom ahead according to a leading economist.  Jeff Rubin, CIBC World Markets Chief Economist projects gas will soar to $7.00 per gallon by the year 2012.  If the projections prove true, the cost to fill up for a month would be equal to a new house payment in many cases.

Many drivers would have to pay $35 dollars for every 100 miles they travel (20mpg average).

The cost would be especially tough on long distance commuters who drive to work five days a week. If you live 50 miles from you're job, then $7.00 a gallon would cost you about $700 a month. 
NBC 24 put the potential prices into perspective for drivers.

"I drive about 150 miles to 200 miles a day I'm a chimney sweep," said John Konecki.

$7.00 gas would cost Konecki at least $1,000 per a month as he travels to job sites in Northwest Ohio.

 "How am I going to do that. How am I going to make a thousand dollars a month to put in gas. I don't know. I Have to project that cost to the consumer. Everybody is going to end up paying. I think it's ridiculous," he said.

Val Green fills up her tank twice a week driving to work and taking her kids around the Toledo area. Based on a vehicle that averages 20mpg NBC 24 calculated her future fuel expense.

"That's 800 a month," she exclaimed. "That's more than my mortgage. When you're competing mortgage, going to work. I find that a very dim future," she said.

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8 Comments on this Story
Comments are the sole responsibility of the person posting them; they are not reflective of the views or opinions of Barrington Broadcasting, NBC24, its directors or employees. If you believe a comment violates the Barrington Terms of Use, please report it here.

$7.00 gas

Posted by David Roach, Uniontown,OH - Monday, June 30, 2008 at 7:09 p.m.

Jeff Rubin and his like are irresponsible and I believe guilty of manipulating the market. One comment predicting the price of gas and crude oil sets a new record. To borrow a famous quote, just because we have free speech doesn't give them the right "to yell fire in a crowded theatre."

$7.00/gal gas

Posted by Bart B, Texas - Wednesday, April 30, 2008 at 11:39 p.m.

Politically speaking Green is the new Red! we have been held hostage by the green crowd so long that it now threatens our entire economy!

7.00 per gallon.

Posted by Ryan J, Fostoria Ohio - Tuesday, April 29, 2008 at 5:00 p.m.

I think the price per gallon will hit 7.00 in less than a year. The Bush Admin just will not open the Alaskin pipe line. We have enough in reserve to supple our needs,This in turn will put a surplus on the world oil market and send a message to OPEC. But why would a Texas Oilman want to do this. He is making alot of money off the American people. I guess this is Bushs last change to screw the middle and lower income people. PS Thanks Bush.

What is this world coming to?

Posted by LeAnn Zeisloft, Cygnet - Tuesday, April 29, 2008 at 10:22 a.m.

If gas hits $7.00 per gallon how does the gas industry expect for family's to pay for a mortgage, gas money, groceries, insurance, utility bills and food for their families. It will be simply impossible.

Time to start drilling in Alaska or make it more affordable for people to “Go Green”

$7/gal - Long before 2012

Posted by Mike Drabik, Toledo, Ohio - Monday, April 28, 2008 at 10:29 p.m.

I think gas will hit $7/gal long before 2012. As for the Prius - as commented here: great if one can afford one. But hybrids are just a dead end I think. Why? I think we've got to stop being enamored with the internal combustion engine. Yes, the hybrids have great power, but even a hybrid needs gasoline. Now there's a car about to be mass produced in India this summer that runs on compressed air. It gives off no emissions at all, therefore. It's been in development in 1991 and is now ready for the road. Top speed: over 100 mph and it can travel over 100 miles before it needs a recharge. IF they could be sold here they'd go for about $6,000.00. Check it out, here's the website: http://www.theaircar.com/acf/index.html Of course the question is would Big Oil and the Big 3 automakers let them be sold here. It sure would solve a lot problems if they did.

$7 is definately an understatement.

Posted by Brian C, West of toledo - Monday, April 28, 2008 at 7:40 p.m.

I feel that $7 a gallon is on the low side, I mean the facts are out there, look how fast India and China continue to industrialize and use more fuel, oils. Both countries alone are surpassing our demand for oil, and with so many people in Washington here fighting and preventing us from drilling for more of our own oil. I think we should be prepared for $10-15 dollar a gallon of gas.

media is also to blame

Posted by Mike Burns, Perrysburg,oh - Monday, April 28, 2008 at 7:23 p.m.

I, along with alot of other truck drivers, believe that you the media is not helping this problem.Reporting all of these insane predictions.Then it is just like you give these blood sucking oil companies a new goal to shoot for.I think you should be promoting that we the people are sick and tired of this.Instead of promoting this sickening act of robbery. Now everyone else is starting to feel the pain. We independent truck drivers have been shelling out half of our wages every week for fuel.Take the average person and tell them to give half their wages for gas a week and see their reacion. Without trucks, America STOPS!!! We are about broke.Something has to be done now.

HybridPlugs.com

Posted by James Philippi, Houston, TX - Monday, April 28, 2008 at 4:57 p.m.

This is why down here in Houston I have started selling DIY Plug-in conversion Kits that lets Prius owners get over 100mpg. I have been driving a 100mpg Plug-in Prius for the past year here in Houston and I use just 4kwh, just 60 cents, of Clean Domestic Wind Energy to offset the amount of Dirty Foreign Oil I have to buy. As more people commute using electricity, the less oil we will need in the U.S. The amount of electricity Plug-in cars use is so minuscule we will not need to add any power generation to our national grid for decades. If most U.S. commuters could drive to work all week using no gas, we would have much cleaner air to breathe. $4.00 gas is crazy and $7.00 gas unthinkable.

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