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.
Rachel Maddow calls "bullpuckey" on the Republicans constant barrage of lies we've heard, claiming that President Obama is somehow anti-energy while trying to make hay of the recent rise in gas prices. As she noted, like it or not, he's been Read more...
Gas prices have retreated and that's a good thing...sort of. The average for a gallon of regular gasoline is $3.38, according to AAA, down from a high of $3.93 in April.
That's odd. I seem to remember the "record" gas prices being the Read more...