Thursday, May 22, 2008



It may be the mother of all doom and gloom gas price predictions:

$12 for a gallon of gas is "inevitable." Robert Hirsch, Management Information Services Senior Energy Advisor, gave a dire warning about the potential future of gas prices on CNBC's May 20 "Squawk Box".

He told host Becky Quick there was no single thing that would solve the problem, due to the enormity of the problem.

Stocks tumble on $133 oil: Wall Street extended its sharp decline Wednesday, driving the Dow Jones industrials down more than 190 points as investors smarted from record-high oil prices and a bleak economic assessment from the Federal Reserve.

Stocks fell in early trading in response to the surging price of oil, which shot up more than $4 and breached $133 a barrel for the first time on the futures market Wednesday.

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