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5 bucks a gallon for gas? Expert sees it in 2006 August 17, 2005 BY MARK J. KONKOL Transportation Reporter If you think all this flirting with $3-a-gallon gas is already a pain in the pocketbook, brace yourself. Oil expert Craig Smith predicts gas prices will skyrocket next year, jumping to five bucks a gallon. And if terrorists successfully strike a major Middle East oil field, Americans might end up paying $10 a gallon -- about $110 to fill a Ford Focus' 11-gallon tank. Smith, a self-proclaimed geopolitical know-it-all hawking his new book Black Gold Stranglehold, says Americans -- tree-hugging politicians and car-addicted commuters alike -- should blame themselves for the coming spike in prices. "Why are they charging higher prices for gas? Because people will pay it. Apparently, we're not changing our driving habits much," he said. "Blame this on ourselves. This country has not built a new refinery in 30 years, we stopped new oil exploration . . . and put a moratorium on offshore drilling." Smith -- who last year predicted $3-a-gallon gas and $65-a-barrel crude oil prices this year -- says oil prices will jump to $80 a gallon by the end of 2006. On Tuesday, the national average was $2.52 a gallon, according to AAA. And the price of gas topped $3 here last week. If you don't believe the average cost of gas will double in 12 months, Smith points to places such as Hong Kong, Korea and France, where gas prices regularly top the $5 mark. The solution here for high oil prices: "find it, drill it, refine it and burn it" domestically, Smith said, pointing to untapped crude reserves in Alaska, Colorado, Utah, off the California coast and in the Gulf of Mexico. http://www.suntimes.com/output/news/cst-nws-gas17.html
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