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May 7, 2008
Posted: 05:30 PM ET
The demand for fuel globally is outpacing the supply, which is one of the reasons oil prices have nearly doubled in just the last year. (PHOTO CREDIT: AP PHOTO) FROM CNN’s Jack Cafferty: If the cost of gasoline is hurting Americans now at about $3.61 a gallon, imagine what would happen if it reaches $7 or $8 a gallon in the next couple of years. While Hillary Clinton and John McCain pander to voters with a proposed gas tax holiday that will never see the light of day, Goldman Sachs is out with a report that oil prices could reach $200 a barrel within two years. The demand for fuel globally is outpacing the supply, which is one of the reasons oil prices have nearly doubled in just the last year. This prediction from Goldman Sachs, along with a weaker dollar and concerns about declining production, helped push oil to a record of more than $123 a barrel today. Meanwhile, the Energy Department says strong demand from places like China, India, Russia, Brazil and the Middle East will support high prices and keep global oil demand growing by about 1.2 million barrels a day this year. The government says it expects gasoline prices to peak at about $3.73 a gallon in June, but some private analysts think gas will go even higher – topping $4 a gallon this summer. So what’s our next president going to do about all this? Clinton and McCain want to cut 18 cents off the price of a gallon of gas for a period of three months, which would save you a total of between $30 and $70. It’s the same old story from the Washington politicians… slap a bandage on an open wound and hope the public doesn’t notice it’s still bleeding. Here’s my question to you: Which candidate has a plan for dealing with gas at $7 or $8 a gallon within two years? Interested to know which ones made it on air?
Stefan from Hoffman Estates, Illinois writes: Jim from Winston Salem, N.C. writes: Roy from Olympia, Washington writes: William writes: Spero writes: Marcus from New York writes: Filed under: Barack Obama Hillary Clinton John McCain Oil Prices
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