$4 Gas in 2008 – Over 75% Believe It is Likely

This past summer, as gas prices were hitting an all-time record of $3.24 per gallon, many of us (myself included) wondered if things really could get any worse. After all, over the past four years, gas prices had risen nearly 80 percent, so the madness had to stop at some point right?

Unfortunately, it seems as if our questions have been answered, and it appears that things are going to continue to get worse.

As of this afternoon, the national average price for a gallon of regular unleaded gasoline stood at $3.16 per gallon – only nine cents away from breaking the all-time record. That $3.16 is also 26% higher than what we were paying exactly one year ago. There are only three states that are currently reporting state-wide average gas prices below $3 per gallon, the lowest of which (Wyoming) has an average gas price of $2.94.

Keep in mind, we’ve just entered March.

So, where are we going to go from here?

I recently added a poll to Daily Fuel Economy Tip which asked: “Now that oil has closed above $100/barrel, how convinced are you that at some point in 2008, you will pay $4 for a gallon of gas?” Not surprisingly, the responses overwhelmingly showed that most of us believe $4 gasoline is a foregone conclusion:

  • 51% of respondents stated they were 100% certain they will pay $4 for gas in 2008
  • 31% of respondents stated it is likely they will pay $4 for gas in 2008
  • 7% of respondents said there is a 50/50 chance they will pay $4 for gas in 2008
  • 4% of respondents said it is doubtful they will pay $4 for gas in 2008
  • 7% of respondents said they will not pay $4 for gas in 2008

With the economy slowing (yes, we’re in a recession – I don’t care about the rule of thumb) and inflation becoming more of a concern, $4 gas certainly couldn’t be coming at a worse time. The only likely benefits of $4 gas is the fact that there should now be more of a push towards fuel conservation, as well as a greater incentive to get alternative fuel vehicles out to the masses much more quickly.

In the meantime, it’s probably not a bad idea to get reacquainted with some gas saving tips.

Comments

  1. granted the outlook doesn’t look too good when prices are this high before the summer driving months. I still think that if we could just stop listening to the environmentalists and drill Alaska and tap into other resources we’d be a lot further along.

  2. It really depends on several factors. If we continue with another Big Oil Republican President, we’ll certainly see 4,5 maybe even 6.00 per gallon. These Bush/Cheney interests are richer than anytime in their history. Do you think they’ll not continue to make money hand over fist for as long as they’re allowed to? Of course they will. When you think about the billions these companies make, it’s hard to fathom what it means other than to say a 35 year old executive never has to worry about college expenses of his great, great, great, great, great grandchildren. And here are the majority of Americans worrying about paying next month’s rent!! Anything wrong with that picture?

  3. Tommy –

    You’re an idiot.

    Thank you for your time.

    D

  4. Norman Sherfield says

    Our wonderful Oil President Bush has accomplished a raise in oil prices from $20 per barrel when he became president to $110 in a short 7 years, give the Republicans another 4 years and it will be $200 easily. Bush has long history with the Arabs and not to anyone’s advantage besides his business partners. Give me a democrat as President and get out economy back on track.

  5. I really don’t understand the whole “blame Bush for everything” mentality. There are so many factors that go into it, and the government is already taxing the oil and gas companies like crazy. So putting more taxes on them is going to help???

  6. Glenn Scarborough says

    This is so stuped Mr Bush has no controll over Iol prices it was because the left wing nut did not get what tey wanted 2004 they try as they have said put 50cent or 75cent tax . This high gas has been here since early 70 when Opec started blame them.

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