The average price of self-serve regular gasoline hit a record high of $3.18, rising more than 11 cents over the past two weeks, according to a nationwide survey released Sunday. [..]
How long until this starts to impact consumer spending? I don't have a clear answer, but when gas prices hit records in May the picture isn't that good.
As a rough rule, every penny increase in gas prices lowers consumer spending by $1.3 billion.
Just in time for the Memorial Day weekend. Have the increased costs (it's about $3.48/gallon in my neighborhood) forced you to abandon your plans for the long weekend or adjust your driving during the week?
UPDATE: Despite being the majority party since 1994, and being the minority party since January, Minority Leader John Boehner laughably blames the high gas prices on....wait for it....the Democrats.