On July 7, 2008, the national average price of gas soared to $4.114 a gallon, a record-setting high, according to data from the U.S. Department of Energy. The US Department of Energy will release its weekly survey of diesel and gasoline prices on Monday afternoon. Though the market has a big speculative component, the high price of crude is also to blame.
Because of regional differences, $4 gas is nothing is already a reality to some drivers. In Chicago, which Lundberg ranked as the city with the most expensive gas at $4.50 per gallon, the price has been above $4 since early April, while Tucson has the cheapest gas according to the study, at $3.62 per gallon.
The $4 level is believed to play a large role in the way US consumers view their buying power and effect car sales as well. More fuel-efficient automobiles, like the Chevy Cruze and Ford Fiesta, are flying off of dealer lots, while the market for hybrids has heated up significantly as well. According to a recent Consumer Reports survey, 92 percent of drivers said they wanted better fuel economy out of their next vehicle.
According to Hybrid Cars, this will also put pressure on US politicians to push the fuel prices down and the economy of cars made in the country up. The more pressing question is what can be done right now to keep gas low, before consumer sentiment is affected.
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