Energy Expert Says $3.28 Gas 'Cheap' Compared With What's Next

BALTIMORE, March 19 /PRNewswire/ -- The approaching Easter holiday may
be among the last of its kind. Gas prices are touching a national average
of $3.28 per gallon, according to AAA and the Oil Price Information
Service. Consumers already feel the pinch of rising fuel costs. But oil and
energy expert Byron King believes travelers will be begging for current
energy prices by this time next year.

"A gallon of gasoline in America today costs about 20 cents more than
it did in May 2007... when oil cost only $65 per barrel," says King of
http://www.energyandoil.com. Oil prices have soared since then, reaching a record
high of $111 recently. "But the refiners have been eating much of that cost
increase and accepting much smaller profit margins. So even if current oil
prices retreat, U.S. oil refiners will sooner or later be forced to price
gasoline based on those $100-plus barrels of oil."

That's bad news for American drivers. If gas prices catch up to oil's
70% rise since this time last year, national average prices at the pump
could pass $5 per gallon and move near $6. "And what happens if oil prices
keep rising -- which they inevitably will?" asks King. "Your next trip home
for Easter dinner in 2009 could set you back $7-8 per gallon."

Motor fuel already costs up to $8 or so per gallon in Britain and
Germany, although much of the price is fuel tax. A fill up in Europe can
easily cost $100 or more. If gas were to double in the U.S. -- American
fuel would still be cheap compared with the rest of the world.

According to King, "Politicians promise relief. But they really can't
do a thing. Most of the world's oil is located outside of the U.S., and
much of that is in places not known to be friendly with America. So if the
U.S. wants to burn oil, it has to pay for it. And you cannot blame the
refiners who do not want to run their operations at a loss. So high costs
for oil will eventually be felt at the pump."

King's advice for traveling this holiday weekend? "Enjoy it while you
can... the days of cheap gasoline are simply over."

Byron King is a contributor to http://www.energyandoil.com, as well as the
editor of two acclaimed investment advisory newsletters, Outstanding
Investments and Energy & Scarcity Investor. He is a trained geologist
holding advanced degrees from Harvard, the University of Pittsburgh and the
U.S. Naval War College and has worked in the exploration and production
divisions of a major international oil company. He has been working,
advising and analyzing the oil and energy industry for the past 30 years,
and his expertise has been featured in print, radio and television outlets
across the U.S.

Look at 14:25 ET