A spike to $5 a gallon for the national average by the summer would mean that the rise in gas prices over the next few months would have to exceed the 8 percent climb we’ve seen over the past four weeks.
Is it possible? Perhaps. Inevitable? Not really.
“There’s nothing inevitable about it,” says IHS chief economist Nariman Behravesh, speaking on the sidelines of the CERAWeek Energy Conference in Houston. “To a large extent it depends on what happens in the Middle East.”
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