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.
