2008 Kicks Off with High Gas Prices

Americans are ringing in the new year this week with the return of late night comedians, a wide-open presidential race, and gas prices nearly a dollar higher than this time last year.

According to AAA’s fuel gauge report, the average price for a gallon of regular unleaded gasoline is $3.07, up from roughly $2.15 at this time last year. With a barrel of oil now riding at an historic $100, a $3 gallon of gas is not exactly shocking. Still, it remains well below the highest recorded price in history: an average of $3.227 for a gallon of unleaded regular on May 24, 2007.

While the price of a gallon of gas has seen a steady rise over the last few months after a dip during the fall, crude oil has been on a climb to the stratosphere over the past year. At this time last year, a barrel of crude oil went for just over $50, meaning its price has since doubled — an unprecedented leap.

What does this mean for the consumer? Though it seems as if a $3 gallon of gas is the threshold of pain for American drivers, that price may soon become the norm. For a chart of how U.S. gas prices and crude oil are progressing visit the site GasBuddy.com and check out their Historic Price Charts.

Comments

As long as we still do the long commute, buy a behemoth to travel alone and race to every single red light just to stop there. Nothing will be changed.

J, I'm not sure your comment about "nothing will be changed" is accurate. With global demand of gasoline being at an all time high, and the current instability of some oil producing countries, we could face future prices at the pump at historical highs, and one that will require we dig even deeper into our wallets. I feel that if all gas guzzlers were banned now it would only put a small dent in the demand for the precious fuel we all require. Mass transportation is a small answer to the problem, but few are willing to abandon their cars and trucks. Is $4.00-$5.00 a gallon for gas around the corner? Yes! It's just a matter of time.

I didn't mean nothing will be change, maybe I chose the wrong words. I was trying to say that it will not go back down if the demand still keeps on like this.

Something J said needs attention: if global warming is SUCH a priority for polititians, WHY MUST WE HAVE SO MANY TRAFFIC LIGHTS?

It's PROVEN that starting from a dead stop uses (insert percentage here) more gas than constantly traveling at, say, 30-40mph. But every two bit school board wants lights on every corner within a 20 block radius of a school zone.

And Mall designers aren't much better, why do we need to hit three red lights between the exit to the mall and the highway onramp? Like a good comedian, it's all about TIMING!

The lights are there because they THINK that IMPROVES safety. Which is kind of BS.

Actually just read in either newsweek or businessweek that an oil economist said that usa and europe have slowed down their use of oil. All the growth has happened outside europe and usa. Think india and china their growing car markets. Now watch gas prices, if TATA $2K car is a success in india.

If we all only bought and drove what we actually "needed" in a vehicle, our consumption would drop significantly.

Troy,

It is useless, because you are talking to people that live in such broad land which needs to drive more than 50 miles to get to work and another 50 miles to go back home.

I agree J. Maybe they could drive a smaller vehicle that uses less gas. That would help us all. I can't wait to see new technologies become mainstream. Hydrogen, Full electric, and compressed air. I don't think we'll see those in widespread use until we're all nickel and dimed to death though.

Troy,
I am doing my part by driving like I got an egg on the pedals. But guess what I got from the others? Fingers, highbeam flashes, being called MF, etc.
I am just tired of hearing all those people whining at how expensive the gas is but don't change a darn habit. Especailly when I am at the gas station looking around and see the other pumps at way over $40 with big behemoths with no one but the drivers and my pump always stop before $30.

LOL J! I drive just like you do. I think we will see more people join us in the fast lane as gas prices go up.

Troy,
I don't go on the fast lane unless I need to make a left turn. I don't want to get run over yet.

LOL... My mistake.. I meant slow lane.

People just won't change because of gas price.
If they would, it should had happened already.

although i'm pro-green, as in real, hippie green, not "hybrid SUV" green, I may care about millions dying from global warming, but I wouldn't care is millions of truck and SUV drivers put a bullet in their head for having to cope with $5+/gallon gas. I drive a 100mpg moped, and don't drive far at all to anywhere I need to be. $50/gallon(not a typo, 50) would mean i spend about $50/week on gas, I'm 19 and have a minimum wage job and tuition to pay for, but I could do it. Be practical please. for the poor, cut up your credit cards, and exchange a pack of smokes a day for a gallon of gas if need be.