HAVE A GREAT FRIDAY READERS!

Many of you have most likely been hearing on the news of late that gas prices are expected to skyrocket by mid year. Some of this is due to the "sabre rattling" by Iran threatening to close the Strait of Harmoz if continued US and World sanctions threatens their economy. They additionally have warned the US not to bring their naval aircraft carriers into Gulf waters. This could eventually escalate into something bad! Plus the Iranians have warned their surrounding Arab states NOT to make up the difference in crude oil if Iran cuts off the west of their crude.

Here's an article on that issue:

Gas Outlook: ‘Most Painful Year At Pump Ever’

January 13, 2012 2:16 PM

CHICAGO (CBS) — Gasoline prices could approach $5 a gallon by Memorial Day and stay at record levels for much of the summer, according to a forecast by GasBuddy.com.

Gas prices always spike in the summer, but the 2012 Gasbuddy.com Price Outlook predicts this summer will break records.

“It looks like it might be the most painful year at the pump that we have ever seen,” senior analyst Patrick DeHaan said.

By Memorial Day, gasoline in the Chicago area could rise to between $4.60 and $4.95 a gallon–more than a dollar above the current average.

DeHaan says there are several factors that will cause the increase, and one of them is a double-edged sword.

“The economy continues to improve; it continues to push up our demand for crude oil,” he said.

Another factor is Iran’s nuclear weapons ambitions. As the United States imposes sanctions, the country responds with threats to close a key oil transit pathway: The Strait Of Hormuz.

"Pete" Landry .........comments welcome.......at..........way2gopete@yahoo.com