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4$ Gasoline May Change Habits |
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Written by automotivedigest.com
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Monday, 16 June 2008 |
Situation - Gasoline prices shattered the $4/gal mark; almost $1 higher than 1 year ago
- Crude oil trading at $134+/bbl, more gasoline price increases probably in pipeline
- Federal officials reported 1st decline in miles driven on US roads since 1979
- Nationwide, about 8% of Americans changed commuting patterns; taking public transportation
- Energy (electricity, gasoline, heating) account for about 6.5% of average household budget
- Estimated vehicle miles traveled on US roads for March fell 4.3%, or 11B, compared w/ March 2007
| | Significance - Cash-strapped Americans changing vacation plans, turning to carpools, mass transit
- In society nurtured on cheap gasoline, high fuel prices having disparate effects
- Business at roadside convenience stores slowed; tourism industry bracing for downturn
- Steadily rising price of gasoline eating into money consumers have to spend
- Fuel prices could be drag on economy already weighed down
- MasterCard reporting 4% - 5% declines in gasoline purchases
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