Gas Prices Reach $5 In California
Crude Oil Prices In Range Of Inflation-Adjusted Highs of 80s
POSTED: 7:07 am HST November 8, 2007
UPDATED: 8:15 am HST November 8, 2007
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SACRAMENTO, Calif. -- The American Automobile Association of California said some drivers are now paying up to $5 a gallon for regular unleaded gasoline.Monterey station KSBW is reporting drivers in Gorda, Calif., are paying $5 for gas.Light, sweet crude for December delivery fell 22 cents to $96.15 a barrel Thursday on the New York Mercantile Exchange, but alternated frequently between gains and losses. Prices fell slightly Wednesday after the government reported a smaller-than-expected decline in crude inventories.Over the past two weeks gas has gone up 15 cents in California alone, according to AAA.Crude prices are within the range of inflation-adjusted highs set in early 1980. Depending on how the adjustment is calculated, $38 a barrel then would be worth $96 to $103 or more Thursday.
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