6 Ways the Oil Spill Will Cost You

Last Updated Jun 17, 2010 11:27 AM EDT







                     SLIDE 1 of 6                     NEXT >>


Energy, Oil, Alternate



Will you be paying more at the pump as the result of the Gulf oil spill? Perhaps not so much in the coming weeks and months, but some experts are predicting that consumers could feel the fallout from the spill for years to come.


Phil Flynn, a senior analyst at PFGBest in Chicago says that the impact on gas by 2014 for example, could be enormous, with prices ranging from $3.50 to $5.00 a gallon.


"We're not going to see an impact on the summer driving season, but even if we don't see the costs now, we will see them down the road," Flynn says. "With the anticipation of new expensive regulation and taxes, and a lack of aggressive off shore drilling, we may become more dependent on importing oil from other countries."


In a recent report, the Department of Energy cut its forecast for Gulf of Mexico oil output by 6.1 percent. A moratorium on offshore drilling permits is coming at a time when demand for oil is at an all-time high.


                     SLIDE 1 of 6                     NEXT >>