Analysts issued it as a caveat but their projections have missed what’s happening right now as the price of crude oil in world market has pushed prices at the pump to record levels for the year. Price in some states are now teetering the $3-mark a gallon.
Projections initially accounted for the normally increased demand during the summer period where Americans usually go on longer drives. While, experts have warned of sudden changes in the world market oil pricing, they assured that the price of gas will not reach the all-time highs of $4.
Price per barrel of crude oil in the market closed at an average of $72 – more than twice its price from February. The market saw the demand for oil breaching all expectations. US crude oil stocks dropped a huge 4.4 million barrels last week – a huge discrepancy from the initial projections of 700,000 barrels.
The auto industry is also worried with this sudden surge of gas prices. Gas prices last year spurred on the decline of auto sales ultimately causing the country’s automakers like GM and Chrysler to default.
