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Oil: Now, $134; Someday Soon, $150

By  Zach Behrens
Published May 20, 2008 11:00 PM
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Taken on May 20th at Melrose and Fairfax | Photo by K. Moriarty via LAist Featured Photos on Flickr

In the non-surprise of the day, Oil jumped up in price again--$5, making a barrel of oil now over $134. "All the usual explanations are cited: a weak dollar, production worries, and the role of speculators," noted Mark Lacter in his daily news roundup on LA Biz Observed, where oil now has a cozy quotidian home. "T. Boone Pickens expects oil to hit $150 a barrel, which is no longer much of a stretch"

As of Tuesday, May 20, the average gallon of regular gasoline hit $3.93 for the Los Angeles area, according to LosAngelesGasPrices.com. However, it's not an uncommon sight to see $4 or above for regular gas. Sometimes, the prices get unwieldy, such as the photo above, which shows a station on Melrose and Fairfax selling regular for $4.69.