Gas Hits 5-Year Low

But low cost fuel isn't getting more people on the road

(NEWSER) - As crude oil sank below $50 for the first time in years, gas prices in America continued their precipitous fall, with the average cost of a gallon below $2 today for the first time since 2005. The turnabout is the sharpest since the government began tracking prices in 1980. Suddenly, writes the Wall Street Journal, debate in Washington has shifted from whether the government should give drivers a tax break to whether Congress should hike taxes. More»

Hawaii is especially hard hit by rising oil prices

(NEWSER) - The price of gas in the US hit another record this morning of $3.28 a gallon, CNN reports, but at least one part of the nation thinks that would be a great bargain. On Maui, $4 gas has already arrived in many places, and the island is on the verge of becoming the first part of the country to average that price, the AP notes. More»

To get to core of gas problem, pick apples over ethanol, say studies

(NEWSER) - Simple sugars found in fruits like apples and oranges can be converted into a new type of bio-based car fuel that provides more energy than ethanol, the current hip gas alternative. US researchers say the dimethylfuran can store 40 percent more energy and is less volatile than its corn-based cousin, but its environmental impact is still unknown. More»

Total tab could hit $491B

(NEWSER) - The average price for a gallon of gas at a US pump was at a not-too-pretty $3.66 yesterday. The good news: That's significantly lower than the $4.11 all-time high hit in 2008. The bad news: We'll likely have 2008 beat when it comes to a stat that hurts more—the total amount spent on gasoline in a year. Americans are on track to fork over a record $491 billion in 2011, according to an oil analyst. Why? Increased exports and expensive oil quickly pushed fuel prices higher, and they've stayed higher for longer, explains the Los Angeles Times . More»

As US drivers complain, those overseas think we're lucky

(NEWSER) - Gas prices are climbing again, which means people are complaining, which means it's time for a spate of stories showing how relatively cheap gas remains in the US. Here's a rough estimate of world prices per gallon, courtesy of CNN :

• US: $3.53
• Norway: $9.28
• Europe: Between $7.50 and $8 for most, including Britain, Ireland, Italy, France, and Germany.