If you missed it on the way to work that wee hours — and for some reason didn’t drive that holiday weekend — the price of gas is at another new high: $3.94 a gallon nationally. As you can plainly see, that’s really shut to $4. It’s up 7 cents since we final talked about it Friday.
The area of Transportation said Monday that in March — when gas prices were still a fair $3.50 — Americans drove 11 billion fewer miles than the year before. That’s a big number. Divide that by a 25-mpg average fuel economy — we’re just picking that number as an average — and that’s 440 million fewer gallons
That might not sound like a lot, but it should be sufficient to significantly lower demand for gas. That’s one of those factors that should lower gas prices, yet we keep seeing them go up. The Detroit News tries to explain what makes up the price of a gallon, but even its attempt falls short of answering the question fully.
Record gas prices: 20 straight days (CNNMoney.com)
Original post by David Thomas
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