Wednesday, March 19, 2008
Americans are Cash Strapped, and Driving Less
A CNN-Money article today highlights a growing trend in the US. With gas prices soaring americans are driving less. The article relays the results of a recent national CNN/Opinion Research Corp. poll released Wednesday.
"For some time we've been trying to determine the breaking point for when gas prices take their toll on the consumer," said John Kilduff, an energy analyst at the trading firm MF Global. "It appears we've found that point."
Well, I think they found it.
"If gasoline hits an average $4.50 a gallon Americans say they will reduce the miles they drive significantly enough to affect their daily lives.
If gasoline hits an average of $8 a gallon, Americans said they would quit driving altogether."
What is your breaking point? What price on a gallon of gas will finally have you throwing you leg over a bike and/or riding the bus?