Extra: Senior Energy & Utilities Analyst's outlook on gas prices
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DES PERES, Mo. - Gas is heading for two dollars a gallon and possibly higher.

It's not close to the painful four and five dollar prices we saw last year, but it is still painful for many drivers.

Why is gas going higher, while oil is cheap.

I met with Brian Youngberg of Edwards Jones. He's a senior energy and ultities analyst for the St. Louis-based securities company.

He says oil refiners are cutting back on production - making less gas for us to buy.

Even though we're driving less, using fewer gallons of gas, refineries are making less gas available for us to buy, and, therefore, prices rise.

ExxonMobil has just announced record profits for 2008.

The oil giant made $45.2 billion.

That's a profit of more than $5 million dollars an hour - 24 hours a day, seven days a week.

1 Comments

Diana said:

I still don't understand why gas prices are so high especially after Exon-Mobil just reported a hugh profit.I think the oil companies should be made to release their product,instead of holding us hostage.

January 30, 2009 4:30 PM

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