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Gas prices to reach record highs?

Tons of news outlets are reporting that gas prices are set to reach “never before seen highs”.

<blockquote>Oil market experts, including those at Wachovia, Oil Price Information Service and Alaron Trading, said it’s just a matter of time before the U.S. average gasoline price tops $3 a gallon. The average price at the pump already is above $3 in 11 states and the District of Columbia.

And some said the nationwide record, not adjusted for inflation, of $3.069 will soon be broken. That record was set Sept. 5, 2005, after Hurricane Katrina, according to the Energy Department. Adjusted for inflation, the record high was in March 1981, when gasoline prices were $3.223 in today’s dollars.

Will records be shattered? Is $4 per gallon inevitable? We’ll see. If true, it will certainly be a benefit to the hybrid industry.

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