Gasoline prices will remain high in the near term and may rise to around $5 a gallon by the end of 2011, according to Chris Faulkner, CEO of Breitling Oil and Gas Corporation.
“The last time we saw these prices was post-Hurricane Katrina and everyone was taken off guard,” said Faulkner. “The difference today is that gas prices have increased gradually and Americans seem better equipped to handle them even if they don't like them.”
United States national pump prices averaged $3.89 a gallon last week, the most expensive since August 2008, according to the US Energy Information Administration (EIA).
Faulkner added, “The likelihood of a national average decline on gas prices is extremely slim. I would not be surprised if we see $5 per gallon gas by the end of the year and that is something the American people may need to be prepared to deal with.”
Faulkner is preparing to keynote the Annual International Symposium of Unconventional Oil & Gas in China on May 17. Breitling Oil & Gas is based in Irving, Tex., a Dallas suburb, and its focus areas are in Texas, Oklahoma, and Louisiana.