The rise in the price of oil is continuing to force gas prices to climb even higher. And Americans are driving less as a result.
The price of a gallon of regular gas jumped 2.6 cents overnight to a record of $3.67, according to a recent survey of gas stations across the nation. And on Friday, oil rose above $126 a barrel for the first time.
Prices are expected to peak at a monthly average of $3.73 by June. But many analysts say national average prices could rise as high as $4.
Consumers in many regions of the country, including parts of California and Hawaii, are already paying that much.
Americans Driving Less
The high cost of gasoline is forcing Americans to drive less for the first time in nearly 30 years, according to new government data and a USA Today/Gallup poll.
February was the fourth month in a row Americans drove less. That's the biggest decline since the gas shortages of 1979.
The high fuel costs are also taking a bigger bite out of household budgets. More than half of those surveyed say it is making them cut back on other expenses.
"The news is bad for the U.S. consumer, especially the ones who have to commute everyday," said Anthony Grisanti, a trader with GRZ Energy.
"I really have to limit things that I do," said driver Dana Sturick. "Like my little excursions on the weekend, visiting my daughter out of state or even just taking little rides. I've really had to cut back quite a bit."
Eight out of 10 Americans believe the high gas prices are a long term problem.
But most say they're finding ways to make do, by biking, sharing rides, or by just turning off the air conditioning on their way to work.
Source: The Associated Press