Gulp! Gas Prices Could Hit $6 A Gallon, One Expert Says

CHICAGO (CBS) — Talk about pain at the pump. One analyst says we could soon be paying $6 for a gallon of gasoline, under certain circumstances.

CBS 2’s Derrick Blakley explains.

Three big factors — the weaker dollar, strong demand and tight supplies – drove recent hikes in gas prices. That’s even before the summer driving season, when prices usually jump.

Commodities analyst Richard Hastings says don’t look for any relief soon.

“This year, you get more than $4 a gallon … all the way through until September,” he says.

That may be the optimistic view. If supply disruptions occur, look out.

“That could easily send prices at the pump slightly above $6 a gallon, and then they would start to come back down after that,” Hastings says. “But we could see an amazing spike.”

Motorists are still trying to cope with current prices. The average price of a gallon of regular unleaded in Chicago is $4.23. Premium is already edging to $5 a gallon at some stations.

Gloria Hardemon is faced with fill-ups that cost $75.

“I’m trying to drive less,” she says. “Sometimes it’s unavoidable but I’m trying to because the price at the pump is just too painful. It cuts into everything else that you’re doing.”

Driver Jim Allen is thinking about ditching vacation plans to drive out west.

As for Joe Jones, he says, “It’s kind of funny. I was thinking of getting a moped, which I think would be a good alternative.”

The last time gas prices went above four bucks, back in 2008, it took the whole credit collapse to bring them back down. Hastings thinks prices may start back down if the Fed hikes interest rates in the fall. But that could make for a long, hot and expensive summer behind the wheel.

  • Vinay Thatsall

    what a scam!

    • Avg Joe

      Price gougeing…WHERE is little Lisa hiding?…I watched as they change the price three times as i was filling up, yet no tanker truck in sight…This wall stree panic was made so BP and folks can re-coup the money they shelled out and then some bonus cash for themselfs…..Frankly we should go back to hores, …this way we can hang a hores thief…not many hangings for auto theft……whole system is corrupt, when we as people finally decide we had enought we’ll ALL go to the polls and toss these no-gooders out and run them out of town after we pass a law to ter and feather them ….wait till the other taxes go up thats the next shoe to fall but Gov. Spineless continues to hire that voted out office state rep. from one job to the next..ahhh now she’s all protected ..leeching the tax payers dollars again….We’ll all pay for this, thats why I am moving out west Montana is nice and hopefully be gone from this corrupt cesspool in IL…..
      RE-CALL ..QUINN……2011

    • China and Japan

      Government needs to mining its own business. Let’s start with that weak dollar. Making more currency, so you can borrow more money will not solve the problem.

      God bless America! Get off satin system. You need God remember.

    • Mr Voter

      This is so wrong butthe goverment looks the other way, Mr. Pez. has already found that Wilkeleaks guy guitly…saying we are a nation of laws …i argee…so…what about illgal auntie scamming all that section 8 money, she should have to pay it back,..i know if i owed any thing like that they would be all over me…#2 these illgal invading’s gotten out of control..the gangs, the burdens on the heath care system they flee every bill they get, not paying taxes, no drivers lic. insruance, 5 famlies in one house..gangs, they paint every thing graffiti..won’t speak or try to learn english…Sir Pez…they broke the law by crossing the rio granda…si’
      The spending is out of control…goverment needs to be cut by 2/3 two thirds…most are useless lackies anyhow and the other are hired from patonage jobs or hooked in…they remaining one third are the ones really doing the work, don’t see them on TV with a whole tribe of goons following them as some sort of ego trip….sure and guess who’s picking up this drunken sailor’s bill as they flee office…WE ARE…
      Vote them ALL OUT…

  • Joann Butkus

    THIS IS NOT about the Middle East, “inflation” “deflation” devalued dollars or any of that trash! this is part of Rove-Cheney’s conspiracy in conjunction with the “tea-party” and other Hard-line repugnicans, to destroy Obama’s economic recovery! and look what it is doing! they don’t give a darn who it hurts! small busineses going under, food going through the roof, THEY CANNOT (AND HAVE PUBLICLY STATED) HAVE OBAMA WIN RE-ELECTION!!! AND THIS IS THE BIGGEST PART OF THE GRAND SCHEME! DON’T FORGET WHO OWNS/ RUNS BIG OIL IN AMERICA! THEY DO!!!! AND WALL ST.! JUST LIKE WHAT WALL ST. DID TO MANY and didn’t care, about the victims, to the Reps,it’s victory over OBAMA AT ANY PRICE What easier,faster way to take down the economy by those who control our gas prices!

    • Dan S

      dont have to worry about the republicans costing him re-election he dug himself a hole on his own, lwhere have all of his “bailouts” helped us? Wheres his birth certificate by the way?

  • Tarateacher35

    Thank goodness for my Gas Envy membership!

  • Gulp! Gas Prices Could Hit $6 A Gallon, One Expert Says

    […] Read more on CBS Chicago […]

  • Mary ann einarson

    Why did you shown that DC service station price? Did you not know the reason behind it–or did you purposely omit that from your report? Seems like you just want to get people freaked out. Would have been more responsible to mention that the station across the street has a price nearly a dollar less.

  • Pete

    If gas goes to $6 here, it will definitely go up to $7 a gallon. Then $8. Although there is 10,000 years’ worth of crude in the earth, we cannot figure out why this is happening. It’s probably a grand plan of the uber-wealthy to starve the poor. But your guess is as good as mine.

    • Roberta Waker

      You are sooo right. More than enough crude in the Dakotas and Rockies to maintain US for 1,000+ years and export that and more. What are we waiting for? Drill here to HELP the American people. Vote Obama and everyone else out of office for doing nothing; take away their pensions and put them on Social Security; take away their perks like free cars, housing, etc. We need to hit THEM in the pocketbook.

      • Murphfan1138

        We start drilling in this country and the environmentalists will be up in arms. The last thing Republicans AND Democrats want is to upset the environmentalists enough for them to stay away from the polls come election time. And even if we did drill here, the oil will end up in other countries anyway.

        The politicians only care about us for two things: the taxes we pay and our votes come election time. After that, we might as well not exist in their view.

  • working man

    Yes 2or 3 no gas days and the gas stations and oil companys will be boo how en. May meorial day weekend.A F L_C I O Or NOlabels OR someone please set it up,

  • gasman

    The first federal indictment of an oil company for gouging and watch what happens,get the US Attorney off his but!!!

    • Roberta Waker

      Not only do we need to hit the oil companies; we need to indict the traders and speculators who are making MILLIONS on our backs. Firing the experts might make us feel good too – THEY are giving their blessing to this gouging by opening their mouths. SHUT THEM ALL UP.

  • Roberta Waker

    Are you seriously thinking of giving him another term? He WON’T do anything about gas prices or anything else because he doesn’t know how to fix things – he has NO experience. We need to get crude OFF the commodities market because the only people getting rich are the traders and speculators. It’s time for the American people to REVOLT. These experts need to SHUT UP because THEY are giving the oil companies the go ahead to keep raising prices. Everyone take ONE day a week and don’t drive – maybe that will get at least a small message through to these greedy @$#$@%.

  • kathy

    Can you imagine if we go back to rationing like we did in the 70? There would be riots in the streets!!!

  • GO

    I’ll keep paying the 10 bucks a gallon instead of laeching off of friends.

  • Larry

    Real unemployment is at least 15%. Gas at $5. Nobody is buying real estate. How is this economy in “recovery?” Who is spending money, and on what other than gas and food?

  • Don Alpha

    They see we spend hundreds of dollars on superficial things like cloths, shoes, rims, meals, why not over charge them for things they need. Every generation has it’s wars, during that war the Nation raises it’s prices, after that war the prices don’t go back down.

  • Master

    There is a thirteen trillion dollar deficit, and this is their way out in Washington…First they feed you this hype right here on the internet,and then they do it….What a world we all live in. They lie to all of us, and do what they want to do.. It will never end…but I would rather be poor and starving on the street because I know my reward will be greater in Heaven than all the rich fools in Washington and everywhere spending their money foolishly…Thank the Lord their are no gas stations in Heaven…Keep the Faith…

  • John Bosanac

    The government should have a Senate investigation into this, to see if the price raising is truly necessary. The last time they threatened to do that and all of the sudden the prices dropped.

  • John Bosanac

    Some of us drive vans and trucks because of other obligations, taking care of loved ones with special needs. Families who don’t fit in a sub compact, being that family members are tall and a bit hefty. Plus being one with disabilities a cramped car is not going to make things any easier. My sons and I need the leg room, but that don’t matter, live on SSI disability. look for a job to make extra dollars. Nonexistent. Yet, watch at the end of the year like other years, EXXON/Mobile will be bragging on how much profit they made.

  • Murphfan1138

    Look at it this way…this should cut down on obesity, because everyone will be riding bicycles or walking everywhere rather than driving the car all the time. Plus, the money we save by riding bikes or walking stays in our pockets for other things like food or medicine.

    I’d like to have a more fuel-efficient car (or better yet, an electric car whose battery I can charge up from any electrical outlet here at home), but some of us are unemployed with very little hope of landing a job anytime soon. Yet the people running this country would rather help other nations first and fight useless wars rather than help the citizens of THIS nation. And don’t get me started on the illegal immigrants getting all kinds of aid and benefits from the U.S. government…

  • tom finster

    you want an investigation start here…

  • Gasoline Prices In Chicago Are Highest In Nation « Gasoline Prices In Chicago Are Highest In Nation « CBS Chicago

    […] That makes $5 a gallon in Chicago a very real possibility. And some experts say, if conditions are right, drivers could be paying $6 before the year is out. […]

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