POLL: What will $5 per gallon gasoline mean to you?
All signs are pointing to a continued run on fuel costs here in the US, with many experts predicting $5.00+ per gallon prices common by mid-summer. This is despite a continuing slump in crude oil demand here in the US – now at a 12-year low. This paradox between low demand and high prices has many wondering what’s really happening in the market, and where will it go from here.
Some industry advisors blame commodity speculators for the gouging at the pump, while others say a booming Chinese market and weakening dollar are to blame for near-record pump prices. Still others claim it’s the work of the Obama Administration to raise energy costs in order to make alternative sources of energy competitive in price. (After all he did promise to do just that during his campaign.)
Regardless of the cause, the reality to commuters and business owners is a painful reminder of the summer of 2008 when rocketing energy prices caused a wide ripple effect on prices in nearly every sector of the economy. Many businesses were in a panic about paying surging fuel costs while keeping prices low and people employed. Consumers felt it everywhere, but especially at the pump with painful total sale costs per tank of gas.
So what will $5 per gallon gasoline mean to you?
Will you choose to car-pool, buy a more efficient car, walk or bike to work (where possible), take fewer trips, buy gasoline on discount-days, adopt eco-driving habits, or cut-back in other areas of spending to afford your normal driving habits?