Check Traffic

Check Traffic
Live Cameras, Conditions

°

Homepage / Automotive
Text Size

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

Analysts Say Gas Could Be $5 By End Of Year

POSTED: Wednesday, 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.

Text Size
Text Size
Text Size
  SURVEY
Have you cut back on buying gas?

Sponsored Links

Links We Like

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

To get the most out of your remodel, check out these 10 home updates that have the biggest payoffs when it comes time to sell your home. More

The first step in reducing debt is recognizing how much you have. Let us help you with the rest and get out from under your debt in 12 months. More

Do you want the look of a quality paint job without the hassle of having to redo it over and over? Spray on siding could be the answer. More

Most Popular

Marketplace

  • AutoClick to Expand

  • JobsClick to Expand

    • 7 Killer Cover Letter Mistakes

      Don’t ruin your chances of landing that new job by making easy to correct mistakes on your cover letter.

    • Why Having Fun At Work Matters

      If people are having fun, they’re going to work harder, stay longer, maintain their composure in a crisis and take better care of the organization.

    • Ten Tips To Boost Your Interview IQ

      Interviewing is a learned skill, and there are no second chances to make a great first impression. So study these 10 strategies to enhance your interview IQ.

    • Learn How To Deal With Pay Cuts

      If you’re about to take a pay cut, find out how you can go about dealing with it and stay proactive about your salary.

  • WomenClick to Expand

    • Healthy Living In Your 40s

      Your guide to looking and feeling your best.

    • Manage Stress, Find Balance

      The idea of living a balanced life may seem like an oxymoron. Yet working toward balance and self-care is key to feeling in control and more joyful at home and work.

    • Weight & Exercise: The Right Mix

      Being healthy is related to how well you take care of yourself. But it’s never too late! A woman can learn new, healthy habits at any age.

  • InsuranceClick to Expand

    • Auto Insurance Quotes

      Simply enter your zip code and get great deals on your car insurance from the top companies. Click here and start saving today!

    • Health Insurance Quotes

      No matter where you live, you shouldn’t have to pay too much for health insurance. Your zip code is all you need and we’ll do the rest to find you great insurance rates.

    • Home Insurance Quotes

      Your home is your most valuable asset. So make sure you have coverage that fits your needs and doesn’t break the bank.

    • Life Insurance Quotes

      What would happen to your family if you were suddenly gone? Don’t leave their future to chance and find top quality life insurance before it’s too late.

    • Business Insurance Quotes

      Don’t take chances when it comes to insuring your business. To get the best rates from top companies in your area just enter your zip code.

  • HomesClick to Expand