How high will the price of gas reach this year in the US?

Background: Many people said it could not happen in this bad economy, but it is happening right now. The price of regular unleaded is rising higher than most pundits predicted and it seems no one can accurately predict when or where the climb will stop. Right now it is increasing at the same rate it did last year when it reached $4.117 a gallon in July.

What's causing the increase? That depends on who you ask.

http://www.wisegeek.com/what-causes-gas-prices-to-rise.htm
http://www.upi.com/Energy_Resources/2008/04/03/Analysis-Big-Oil-causing-high-gas-prices/UPI-79471207243504/
http://www.gallup.com/poll/118597/Recession-Altering-Plans-Half-Summer-Travelers.aspx

So what do you think? Will gas prices continue to rise, will they stay flat, or will they drop like a rock?

Don't forget about hurricane season, which typically produces storms late into the year. All it takes is one storm in November to disrupt supply and cause prices to soar. And, if the economy improves by next holiday season, we may see the highest gas prices on Christmas day.

Settlement details:The highest price reported by www.fuelgaugereport.com for REGULAR UNLEADED GASOLINE from June 1st until December 31st, 2009.

Forecast history %

It's all down from here, less than $2.500

2.501 - 2.750

41%

2.751 - 3.000

58%

3.001 - 3.250

3.251 - 3.500

3.501 - 3.750

3.751 - 4.000

4.001 - 4.250

4.251 - 4.500

Good luck paying your mortgage, higher than $4.500

Question suspends in 5 weeks

Activity: H$384,601
Predictions: 597
Comments: 10

Suspend date: Thu 31st Dec 11:59am PST (5 weeks to go)

Initial likelihoods: It's all down from here, less than $2.500: 1%, 2.501 - 2.750: 5%, 2.751 - 3.000: 10%, 3.001 - 3.250: 15%, 3.251 - 3.500: 20%, 3.501 - 3.750: 15%, 3.751 - 4.000: 15%, 4.001 - 4.250: 10%, 4.251 - 4.500: 5%, Good luck paying your mortgage, higher than $4.500: 4%

Action history:

Created Mon 1st Jun 4:15pm PST by

adammccormicks Level 11, Legend (H$22,312)

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