$4 for a gallon of gas in 2008?

Oil traded at over $90 Friday and the market took a tumble. It's gone "down" to the mid- and upper-80s since then. When will these prices start to effect the cost of gas at the pump? We can expect 20 more cents to the price of a gallon by mid- to late-November says Sarah Emerson, director of petroleum at Energy Security Analysis Inc. Stephen Schork, principal of The Schork Report, says "$4 gasoline is a near certainty in New York and many other areas of the country in the spring if crude prices stay at current levels." For all those people that like to say, well if you adjust for inflation... guess what? We are actually trading above those prices right now. According to Newsday, the price of a barrel of oil "surpassed the inflation-adjusted record for crude used in the United States, set in March 1981. The actual price then was $34.78 a barrel but the U.S. Department of Energy says that equates to $84.73 in today's dollars." Thanks for bumming me out, Newsday.
[Source: Newsday]

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