Trump: Gasoline to Hit $7 a Gallon This Year

Gasoline prices could soar as high as $7 a gallon this summer thanks to supply threats stemming from Middle East unrest as well as OPEC policy, says real estate mogul Donald Trump.

Iran has already cut off supply to France and to the U.K. to protest sanctions from the west, who accuse Tehran of developing a nuclear weapons program.

U.S. military officials have said they feel they can ration with Iran, although fears are growing that Israel may consider a unilateral strike on Iran anyway, which is sending crude oil skyrocketing.

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Higher oil prices lead to high gasoline prices, which have prompted some U.S. refineries to close up shop when people buy less fuel, which further exacerbates supply issues.

The result: pain at the pump — prices are soaring and well earlier than they should be.

Prices commonly peak in spring and summer due to seasonal factors like the price of refinery feedstocks and the arrival of the U.S. summer driving season.

"We are going to have a crisis, a crisis on energy like you've never seen before, and if you see gasoline is going to be at $4 and it already is at $4 — the highest it's ever been in history at this time of the year," Trump tells CNBC. 

"Oil continues to go up, gasoline is going to be at $5 or $6 or maybe $7 a gallon in the summer when they really have the demand. And it's going to really be destructive to this country."

Don't blame speculators on rising prices either. OPEC countries are ensuring prices stay high by regulating output, Trump said. Read More at Link Below:


http://www.moneynews.com/StreetTalk/Trump-Gasoline-prices-Gallon/2012/02/21/id/430010