Tuesday, June 10, 2008

Gas Prices at Record Highs

Gas prices have pushed higher above $4 a gallon and risen to a fresh record high, auto group AAA's Web site showed Tuesday.

AAA reported the national average price for a gallon of regular unleaded gasoline rose to $4.043, up 2 cents from the previous day's high of $4.023. This is the fourth consecutive increase and the third straight record for gas prices...

A CNN/Opinion Research poll released Monday showed that 86% of respondents believe gas prices will top $5 a gallon sometime this year.

In the face of soaring gas prices, many Americans say they have changed their driving habits. A full 66% said they are cutting back on the amount of driving they do and 71% indicated that they are considering buying a more fuel-efficient vehicle...

read the CNN story

My Comments: Demand curves slope downward. Image that.

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