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Gas Prices Likely to Remain Volatile

The trendline is only pointing up.

by on Apr.11, 2011

Don't expect fuel prices to level off anytime soon, warns analyst Peter Wells.

Gasoline prices, now pushing upwards towards and beyond $4 per gallon in most of the U.S., will remain volatile for the foreseeable future while trending upwards, predicts Peter Wells, an analyst with Boston Petroleum.

Even if the U.S succeeded in pumping up its supplies of domestic crude oil, Americans will still have to depend on imported oil to fill their demand for transportation fuel, Wells said during a panel discussion at Toyota’s annual seminar on Sustainable Mobility. In addition, prices for petroleum products are set on a global level.

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The recent upheavals in Egypt, Libya, Tunisia, Yemen and Bahrain only underscore the volatility in the Middle East, which is fueled by a whole generation of what Wells described as angry young men and the divide between Shiite and Sunni Muslims, which increasingly contributes to the instability of the region.