Latest SUV Rollover - Me!
If you’ve been filling your tank lately, you’re well aware that gas prices are at an all time high and are projected to go even higher this summer. An article in Marketwatch yesterday says that average retail gas prices jumped by 12 cents to a record $3.26 a gallon last week alone according to the Energy Department. Gas prices are up nearly 50% since late January, one of the largest sustained increases ever recorded by the government.
Over the past two decades, gasoline price spikes have proved to be relatively temporary, so consumers didn’t really change their behavior by cutting back their discretionary spending in other areas. By the time consumers got around to changing their behavior, prices had fallen back.
This time, it could be different.
Gas prices typically peak in the late summer months with demand fueled by vacation drivers; if that pattern holds this year, prices could be heading much higher in the near term…
Doug
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Reader Comments (7)
So do you drive a gas guzzling SUV?
Guilty. A red Range Rover.
Man, you must need a ton of carbon credits! I know a guy who sells them. Name's Gore. Al Gore. I'll have him call you.
The article makes a good point: I had heard several months ago (from my stock broker) that gas could hit more than $4 a gallon this summer but, like most people, I didn't think that would happen. Now I think it well may. If so, it will negatively effect the market. Time for some defensive market positions.
Tell me about it! $70 freaking dollars to fill my tank! If it gets much worse, I'll have to dump my Escalade I just bought last year and get some little 40 mpg toy to drive to and from work. And I blame the Saudis. We should have taken all the Iraqi oil as spoils of war!
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I feel your pain, Jason.
/Doug
You should have got rid of that guzzler a long time ago. Wait until this summer when we top $4/gal!
My husband just filled our truck. $80!!!!!!! The Saudis must be laughing it up!