Friday
6 Jun 2008
Morgan Stanley Forecast: Gas to Reach $150 a Barrel
By Annie Jacobsen in category Behind the Scenes
A Morgan Stanley report is forecasting oil prices to soon reach $150 a barrel.
How can airlines afford to fly? I asked this question in my column for Pajamas Media last month, when oil hit a record-breaking $135 a barrel and American Airlines announced it would be charging a $15 fee for a passenger's first checked bag ($30 round trip).
A Boeing 767 flying from New York to Los Angeles consumes approximately 9,000 gallons of fuel.
This morning, I pumped gas here in Los Angeles — now at a record $469.9 a gallon.