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Drivers cut back on gas as prices rise, SC still below national avg
Posted: 04.11.2011 at 12:02 PM
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(AP) -- With the price of gas above $3.50 a gallon in nearly the entire country, there are signs that Americans are cutting back on driving.
It marks a turnaround from a steady increase in demand for fuel as the economy improved.
According to MasterCard SpendingPulse, which tracks spending at 140,000 service stations, gas sales have fallen for five weeks in a row. Before that, demand had increased for two months. And some analysts had expected the trend to continue, what with the 216,000 jobs that were added in March.
Instead, according to a March survey by the Oil Price Information Service, about 70 percent of the nation's major gas-station chains say sales have fallen.
This year, gas prices have shot up as unrest in North Africa and the Middle East rattled energy markets.
A gallon of unleaded regular costs $3.77 on average, which is about 20 cents higher than the average in South Carolina, currently $3.57 for a gallon of regular unleaded.
Only Wyoming has an average lower than $3.50. Most analysts are sticking to forecasts of a high of $4 a gallon, though some have predicted $5 gas.
Click here for a link to the cheapest gas prices in your area.
(Copyright ©2011 by The Associated Press. All Rights Reserved.)