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.