Homepage / Money
Related To Story

Where Will You Be When Gas Hits $5 A Gallon?

Analysts Say Gas Could Be $5 By End Of Year

POSTED: 8:29 am CDT April 23, 2008
UPDATED: 9:40 am CDT April 23, 2008

Donna Summer topped the charts with her No. 1 hit "Bad Girls," and California drivers were shocked to see $1 gas prices at the pump. The year: 1979.

Gas Prices Climbing With No End In Sight

After hovering around a quarter for most of the 20th century, gas prices doubled in the late '70s and early '80s.

In fact, prices were going up so quickly in the late '70s, lines started to form at gas stations with drivers boycotting oil companies.

Fast-forward 30 years to 2003, when a $1 for a gallon of gas became a distant memory with prices crossing the $2 mark.

Two years later, $3 a gallon gas prices made a debut in California.

The state of California broke another record this week: the price of gas, even when adjusted for inflation, hit an all-time high, according to the federal government.

"I think the shock at what we're seeing today is hitting people harder," said Jim Boyd of the California Energy Commission.

Some analysts are predicting $5 for a gallon of gas by the end of the year in California.

In Washington on Tuesday, legislators increased new fuel efficiency standards by more than 4 percent each year from 2011 through 2015.

"I think the shock at what we're seeing today is hitting people harder."
-Jim Boyd, California Energy Commission

This will make U.S. cars and trucks have a 31.6 mile per gallon average by 2015, Transportation Secretary Mary Peters said.

Peters said the proposal is "an aggressive but achievable standard."

The government estimates that the additional fuel mileage will add about $650 to the price of a car and more than $900 to the price of a truck by 2015.

Estimates are that more than 54 billion gallons of oil will be saved and emissions will be reduced by 521 million metric tons over the lifetime of cars and trucks built during the four-year span.


Links We Like

Sponsored Content
You can pick your friends, but not your family -- or your neighbors. Here's what you need to know about how to deal with yours. More

Employers generally have options when it comes to hiring. Makes sure you present yourself as professionally as possible, or else. More

If you're looking to save on your next new vehicle, a low sticker price is just one aspect. Consider all the costs and make the right decision. More

Don't believe everything you hear about erectile dysfunction. Discover the truth behind these common misconceptions about ED. More

Credit Report

560? 675? 720? The average US Credit Score is 692. What is your score? See it online for FREE! More

Best Local Rates On...



LocalNational

30 Yr Fixed Mortgage5.16%5.03%

48 Mo New Car Loan4.81%6.51%

$30k Home Eq Loan8.67%8.27%

6 Month CD0.90%0.88%
Help! I don't understand!
More Rates


Sponsored Links

Stock Quotes

Get a Quote
Enter Symbol

Consumer Info



Sponsored Content Provided by ARA

Gas Prices

Gas prices
Keep tabs on the latest news, and calculate the cost of a trip in our special section. More


E-Mail News Alerts
Get breaking news and daily headlines.
Browse all e-mail newsletters