2008 U.S. Gas Price Year in Review
by Eric Leech, New York, NY 
on 01.12.09
Photo Credit: Simon Davison
Gas prices have always been an up and down proposition. This year has been as especially rocky year, with prices reaching the highest in history, then plummeting to a 5-year low within only a matter of months. Graphs and charts just don't quite seem to do these extraordinary events justice, so lets look back through this years most pivotal moments, one day at a time...
January 1, 2008—New York, Times Square celebrates the New Year by dropping the ball for the 100th time.
January 2, 2008—The day after New Years saw crude oil prices at a record $100 per barrel, with regular unleaded fuel costing an average of $3.05 per gallon.
January 4, 2008—General Motors unveils that it has lost an automotive record of approximately $38 billion during the 2007 year. Little did they know, the worst was only yet to come!
April 21, 2008—Gasoline prices jump to a record $3.50 a gallon in some parts of the U.S.
May 15, 2008— While many people were shocked at $3 a gallon, they were not prepared for what was about to happen as prices shot up to nearly $4 a gallon. Public hysteria sets in as consumers begin using Gas Buddy to find the lowest gas prices in town.
May 21, 2008—Oil price skyrockets to $130 a barrel. Holly cow!!!
June 9, 2008—Retail gas prices rise above $4 per gallon.
June 15, 2008—Speculators continue to push the price of crude oil. Consumers begin to literally run out of gas attempting to stretch their dollar. Hybrid vehicles are becoming a hot commodity. Stories of gas stations running out of gas begins to circulate, creating greater hysteria among the public.
July 7, 2008—Crude oil prices settled-in at a new record of $147 per barrel. The U.S. average price for regular gasoline climbs to an all-time high of $4.11 per gallon. Road trip style vacations are put on hold for many summer travelers.
Aug. 5, 2008—Oil prices fall below $120 a barrel. Treehuggers search for the good within the escalating gas prices.
Sept. 15, 2008—The barrel continues to drop below $100 a barrel for the first time in six months. The idea of a serious financial industry recession is discussed as the market literally begins to melt down!
Oct. 16, 2008—Oil prices fall below $70 a barrel, which is less than half of its July peak. Signs of $1.99 a gallon gas brings celebration to the masses. Some consumers begin to talk about dragging out their gas guzzling SUV's and Winnebago's for the first time in months.
Nov. 3, 2008—U.S. Gas prices drop to $1.72 a gallon. Some gas stations even roll out a $.99 cent promotional deal. Treehuggers question whether the sudden drop is as good as most consumers seem to think it is.
Dec. 17, 2008—OPEC removes 2.2 million barrels from its daily production. Crude oil collapses to $40 a barrel, becoming the lowest price in almost 4 years.
Dec. 19, 2008—After weeks of negotiation, Bush approves the emergency bailout of the U.S. auto industries big three, giving them $17.4 billion in rescue loans. Treehugger questions whether the government is doing the right thing.
Dec. 22, 2008—Toyota unveils its first operating loss in 70 years of business. Sales drop for the Prius considerably. Low gas prices appear to be minimizing the hype over the hybrid vehicle.
Dec. 26, 2008—Gas prices tumble to $1.64 a gallon. Some areas seeing prices as low as $1.45 a gallon. Crude oil is just a little over $40 a barrel still.
Dec. 31, 2008—Crude oil prices plummet below $37 a barrel while the U.S. average price for a gallon of regular unleaded gasoline falls to an amazing 5-year low of $1.61.
Did I miss anything? Would any of you care to offer a prediction on what this next year should see in terms of oil and transportation?
More review over the 2008 oil crisis
Is that Extra Gas Money in Our Pocket, or are We Just Happy to see Residuals from Winter Gas Blends?
As Gas Prices Rise, So Do Cookbooks Sales
How to Use The IRS to Save Money on Your Gas
Follow @TreeHugger on Twitter & get our headlines with @TH_rss!
Thirsty for more? Check out these related articles:
- Does Your Car Qualify for the Federal 'Cash for Clunker' Program?
- Travel Green and Save Money without Giving Up Anything (Except Your Carbon Footprint)
- 7 Ways the Troubled Automotive Industry Could Change Your Car and Your Commute
- Your Broken or Missing Gas Cap May Be Costing You Money
- Could the Time of Day Lower Your Gas Price?
- What is the Cheapest and Greenest Way to Travel?
It would cost the equivalent of 60 cents a gallon to charge and drive an electric car.The electricity to charge the car could come from solar or wind generated electricity.If all gasoline cars,trucks,and suv’s instead had plug-in electric drive trains, the amount of electricity needed to replace gasoline is about equal to the estimated wind energy potential of the state of N.D.This past year the high cost of fuel so seriously damaged our economy and society that the ripple effects will be felt for years to come.Why not invest in setting up some alternative energy projects on a national basis, create clean cheap electricity,create millions of badly needed new green collar jobs, and get out from under our dependence on foreign oil.What a win-win situation that would be. There is a great new book out called The Manhattan Project of 2009 Energy Independence NOW by Jeff Wilson. I highly recommend this book for anyone interested in alternative energy. www.themanhattanprojectof2009.com
The price of oil and ultimately gasoline is impossible to predict. There are so many variables involved that you could easily make the argument for any one of them every time the price changes. I have begun researching this topic more and have several posts on my blog:
( http://www.pay4rides.com/tag/gas-prices/ )
As individuals, the only thing we can control is demand. So we all need to drive less and continue working toward alternative energy solutions.
Sherry, the problem is that over 60% of electricity in the USA is generated by burning fossil fuels. And just imagine the additional load that millions of electric cars would place on an already overtaxed electrical grid. To matters worse, there is a huge amount of plastic (a pesky fossil fuel derivative) in each car, and around 50% of the energy consumed by an automobile is spent while manufacturing it.
The only sensible thing to do is for all of us to ride share and limit the use of vehicles. But we won't, not until high prices and scarcity force us into it.
One more,
Dec 8, 2008 - Was looking for GasBuddy.com and end up running across Petrofix. Cap my price at $1.833. Prices go lower and I kick myself!
All joking aside, I am prices are back to the level where I started. I still think it is a good deal. It is easier to picture gas prices at $2.50 right now than under $1.00. I guess we will see.