Spotted: $5 gas

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By JLP | June 16, 2008

On Saturday, I noticed that a Mobil station in the San Fernando Valley had upped the price of premium gas to $4.95, but other stations that I passed were still in the $4.80 range. And then, yesterday, I saw it: a 76 station at $5.02 for premium. This wasn’t even one of those stations that I know to have substantially inflated prices compared to other gas stations. So you’d better believe it: $5 gas is here.

The question is: Is it here to stay?

Topics: Miscellaneous |

Comments to “Spotted: $5 gas”

Bryan Says:
June 16th, 2008 at 8:14 am

Except the average car that the average Joe drives does not require premium. I’ll say the price of gas is $5.00 when that is the price of 87 octane.

Most people are not yet paying that price.

KC Says:
June 16th, 2008 at 9:47 am

I drive a premium fueled V6 so I’m paying about 20 cents a gallon more on gas. But, fortunately I don’t drive much and the car is paid for - I have no plans to buy something else. People tell me I don’t need 91 octane, but that’s what the manual says it requires (not recommends). I’ve run 87 and 89 and kept a record - I didn’t get much better mileage I suspect cause it didn’t burn as efficiently in my engine. So my costs are closer to 5-10 cents more per gallon on premium because of efficiency.

Anyway I think $4 prices are here to stay, but I don’t know about $5. It will hit $5 periodically, but the breaking point for the American people seems to be $4 - cause everything has gone haywire at that point and it has cause inflation throughout our ailing economy. Demand will be lessened everytime it gets around $4.50 and it will ease back down.

My advice is to slow down. Its amazing what kind of mileage you get going a steady 65 (instead of 90) on the interstate. I’ve also eased up to stop lights that are already red and I don’t do those jackrabbit starts much anymore.

"Mo" Money Says:
June 16th, 2008 at 1:24 pm

I don’t think anyone knows what the price of gas will be in the near future. There simply are just too many factors involved, and it is a very complicated puzzle.

"Mo" Money Says:
June 16th, 2008 at 1:26 pm

I don’t think anyone can predict what the price of gas will be in the future. It is a very complicated puzzle,

Jerry Dill Says:
June 16th, 2008 at 2:03 pm

Who would have thought that gas would jump this high so fast. I think this is absolutely ridiculous. I have already made drastic changes to my driving style in order to get to work cheaper, however it’s not helping. It’s so expensive to drive now. I’m really feeling it in the pocketbook

js Says:
June 16th, 2008 at 4:29 pm

Diesel 5.30 a gallon…

WTF?

Daniel Says:
June 16th, 2008 at 6:16 pm

I don’t think the prices will stop until the average hits $5 per gallon for regular. I was also reading about hydrogen vehicles and surprised to learn that BMW has working on them since the early 80s and built the first one in 1984. I’d like to see more of this technology emerge.

Financial Goal Says:
June 16th, 2008 at 6:20 pm

In my area, as of this morning, it is at $4.89. We will see where it lands tomorrow. Too bad I require Premium Gas. Wish I could trade my car in but I would lose too much money.

Cathy Says:
June 16th, 2008 at 9:46 pm

@Bryan - I agree, most people probably aren’t paying for premium. And it’s not $5 everywhere - premium at Costco this past weekend was $4.69, and I’m sure that, as with almost everything, gas prices here in LA are higher than they are in other parts of the country. So most people in this country hopefully won’t be paying $5 for a while, if ever. But the trend of increasing gas prices is undeniable. And like KC, I’ve read my vehicle’s owner’s manual and found that it says to use 91 octane.

@Jerry - I too have been astonished at how quickly the price of gas has risen. How much less gas are you using with the changes you’ve made?

MetaMommy Says:
July 14th, 2008 at 3:40 pm

One thing I’ve noticed is that the different between the cheap gas stations (e.g., Costco, Arco) and the big stations (e.g., 76, Mobile) isn’t as great as it used to be. For example, on a day that I saw gas going for 4.59/gallon at Costco, I found a competing Exxon and 76 (across the street from each other) charging a few cents more per gallon. Negligible differences when you’re talking about $60 to fill up.

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Spotted: $5 gas