$4 a Gallon for Gas? That's Hot!

The Los Angeles Times is predicting that we can expect gas prices to continue climbing, possibly hitting $4 a gallon in 2008. Citing high demand and persistently strong crude oil costs, it is estimated that prices will hit $3.40 a gallon by next Spring (which is not that far off from the $3.10 charged at Mobil this morning, or the $3.22 advertised at Shell).

According to the Energy Department, as quoted in the Times, "The benchmark grade of U.S. crude averaged $72 a barrel this year, up from $60.23 last year, $50.23 in 2005 and $36.98 in 2004. Next year, [...] the average could be $85."

The Daily Fuel Economy Tip made the same $4 prediction earlier this month.

Of course, the same dire warnings were made in March, April, and May of 2007.

But here in LA we are willing to shell out serious cash in the name of sex appeal.

Thank goodness we have Tom Kloza of Business Week to inject some much-needed glamour into the world of crude oil:

"Everyone likes to hype $4 gasoline because it's sexy," says Tom Kloza, chief oil analyst for the Oil Price Information Service, an energy consulting firm...You might see $4 in tony places such as Beacon Hill or Beverly Hills, where they wear the price as a badge of honor."

Photo by Random Dude via Flickr