$5 per gallon now a reality

Self-serve regular gasoline is advertised at one-tenth of one cent less than $5.00 per gallon, with mid-grade and premium well over that mark, at a filling station in Arcadia, Calif., Friday, June 6, 2008. Oil prices shot up more than $11 to a new record above $139 per barrel of crude after Morgan Stanley predicted prices would hit $150 by July 4. (Mark J. Terrill / AP)

I hear a lot of people talking about $5 gas by the end of the year - well, I've got news for you - $5 gas is already here. So let's start revising our estimates for the prices by the end of this year. Do I hear a 6? anyone?