Agreed- watch out for the save-the-day nick-of-time election-year gas price dip to claim that something is actually being done about the issue.  But five bucks a gallon to me is what we need- it will force us at the macro and minor level to start making serious personal and financial choices about where our money goes, what kind of cars we will purchase, where we should live, how can we save more money, et.al.  I'm not thrilled with gas prices- but I grow tired of a culture quite historically spoiled by artificially low gas prices (compared to many first world nations) for bitching now at the end of the line.  Cheap gas is over, kids- and certain things taken for granted are no longer.  Adjust, adapt, and evolve or get crushed by the boulder 'cause it ain't stoppin'. . .

$3.50 in October / $4.99 in December?

The way gas prices have changed recently, it's hard to say. At this point I could believe anything between $3.50 and $5.50 for the end of the year.

My guess for average U.S. gas prices at the end of 2008 is $4.75.

Unfortunately, a given!

Possible. But then, this is election year, and some clever maneuvers might be in the oven.