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Saturday, October 27, 2007

Hmm. $100 Oil and $3 Gas? I thought we were already there...

This morning, ran across Steven Hardgreaves article at on CNN.com discussing the current gas and oil situation.

Here comes $100 oil, and $3 gas -- With crude setting new highs every day, experts say there's no way motorists won't see a spike at the pump.....

.....With oil prices setting records over $90 a barrel - and $100 looking ever more likely - experts say there's a good chance drivers will see $3 gasoline before the end of the year.


I don't know about you, but I cannot remember the last time I paid under $3 for a gallon of gasoline at the pump. In fact, in California -- I have paid at least $3.20 a gallon for 91 octane premium gasoline for the last year or so.

While the national average is still in the $2.82 or so for a gallon of unleaded gas, the top six states in the US, making up ~40% of the countries population are well above that number (see using the AAA Fuel Gauge Report). Of course, Los Angeles is leading the way.

Seems this is no news for those of us who live here in California. $4 gas? That's most likely the next stop from here.

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