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An oil expert and author who correctly forecast $3 per gallon gasoline in the
United States this year says the price will reach $5 next year.
Craig Smith, author of "Black Gold Stranglehold," told the Chicago Sun-Times
there's also a possibility the price could hit $10 per gallon if terrorists strike
a major Middle East oil field.
Last year, Smith predicted $3-a-gallon gas and $65-a-barrel crude oil prices
this year, and now says oil prices will jump to $80 a gallon by the end of 2006.
Meanwhile, he said complaining about the current spike makes no sense.
"Why are they charging higher prices for gas? Because people will pay
it," he told the Sun-Times.
Smith also said the United States could protect itself by using untapped crude
reserves in Alaska, Colorado, Utah, off the California coast and in the Gulf
of Mexico.
"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," he said.
