Tuesday, April 19, 2011

Gas Prices Nearing Point Where Americans Cut Back

Gas Prices Nearing Point Where Americans Cut Back - CNBC
By: Ron Scherer, Staff writer
Christian Science Monitor

With about six weeks to go until the summer driving season begins, the price of a gallon of gasoline is just 18 cents away from the record price of $4.11, which was set in the summer of 2008.

The prices at the pump hit a national average of $3.83 a gallon on Monday, according to AAA. That’s close to the point where consumers say they will have to start cut back to pay their fuel expenses. This could adversely affect restaurants, malls, and entertainment venues that count on people driving to get there. Some analysts say it’s one reason the stock market has been struggling recently, including on Monday, when the Dow Jones Industrial Average fell 140.24 points to close at 12,201.59.

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