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Record $4 Gasoline
By JD Bluefield | April 10, 2008
While some states are reporting price peaks for regular grade gasoline in the low to mid-$3/gal range and many drivers worry about it reaching $4/gal, others have just gotten a taste of the $4 gas reality. According to Triple-A’s Daily Fuel Gauge Report, although the national average for regular gas remains at $3.35/gal, gasoline today reached an all-time high of $4/gal in Maui, Hawaii. Prices for fuel on the more populated island of Oahu remains lower at $3.58/gal, just a penny away from the record of $3.594/gal set back in 9/19/2005. That record may soon fall as many predict summer driving trends to increase through the summer, gas prices may follow suit. This latest news of $4/gal gas also comes off the heals of the announcement of record $112/barrel oil. This will not help future gas prices at all.
Where is gas most expensive? Americans typically don’t care about other countries and their problems, but if you think Hawaii has it bad, take a look below at extremely high priced gas in heavily taxed European Nations. At the other end of the spectrum, you could move to Venezuela to pay 17-cent a gallon for government subsidized gas, but then you’d have to live under the Socialistic rule of Hugo Chavez. The data in the chart below is from mid-2007, but is still relevant for comparison, and I like how it differentiates the continents by colors.
Click on the image to enlarge.
Source: Wired
Unfortunately, it is this global demand for oil which is pushing our gas prices ever higher. China and India’s economies are bustling and their middle class is ever expanding. With it comes the want of the finer things like cars and mobility.
Keep this in mind down the road… follow-up to come tomorrow.
Topics: Travel |
2 Responses to “Record $4 Gasoline”
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April 11th, 2008 at 8:24 am
The govt should release more oil. I’ve read that there is more oil in Alaska. Canada has a lot of oil.
April 11th, 2008 at 9:02 am
You’re correct. Alaska still holds much oil in the ANWR, but we can’t legally drill there and between the time they build pumping facilities and actual oil comes up will be several years. The much larger, but lesser know oil reserve is Canada. Canada actually holds the second highest oil reserves in the world (1st is Saudi Arabia). The only problem is that the form is in what’s called “oil sands” or “tar sands”, and is very difficult to extract. Pretty much a glob of tar stuck to individual pieces of sand. Unfortunately, the companies that literally “mine” this oil only make money when oil prices are high, as they are now. I read this article back in 2004, very interesting. http://www.wired.com/wired/archive/12.07/oil.html