Gas Prices Hitting Another High

Bonddad Blog: From the Atlanta Journal Constitution The average price of self-serve regular gasoline hit a record high of $3.18, rising more than

gas-prices1.jpg Bonddad Blog:

From the Atlanta Journal Constitution

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.


About Nicole Belle

Nicole Belle's picture
Mom, Wife, Media Critic/Political Analyst, Blogger, Austen Fanatic, Unapologetic Liberal NicoleBelle@crooksandliars.com

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