Gas Hits $4 a Gallon

June 9, 2008
Gas Gauge

Gas Gauge

Wave good-bye to another psychological barrier--the price of a gallon of regular unleaded gas, on average, has passed $4 a gallon.

Just six weeks ago, the Associated Press reported that at $3.51, gas prices were causing widespread speculation that $4 a gallon might happen eventually. In the span of six weeks, the price has gone up 50 cents a gallon--and the Drudge Report says this evening that prices have doubled in a year. In California, prices average more than $4.43 a gallon, while Missouri drivers get the cheapest gas, at $3.80.

Analysts say there's not an end in sight to the spiral, as speculators are buying up oil futures and demand in Asia continues to build. Last week, the price of a barrel of crude oil shot up $10 to almost $140.

We're still looking for your tales of gas-station misery--tell us how you're coping with the rise in prices and when you think the run on oil will end in a comment below.

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