Analysts: Gas prices headed up and away

NEW YORK, June 27 (UPI) -- U.S. gasoline prices could rise to "well over $5 per gallon," in the near future, market analysts said.

Stephen Schork, an oil industry analyst told the Chicago Sun-Times "we could be looking at the national average price of gasoline at upwards of $4.60 to $4.90 a gallon."

"People in some markets will pay well over $5 a gallon," he said.

Recently breaking the $140 per barrel barrier, crude oil prices "could potentially be $150," Schork said.

Others, including market analysts at Goldman Sachs, have predicted crude oil could reach $200 per barrel in the near future, while analysts at CIBC World Markets predict $7 per gallon gas by 2012, the report said.