Gas Prices Affecting Spending Habits

By: Associated Press
By: Associated Press

Americans are starting to watch their spending more carefully as gasoline prices reach levels not seen since October 2008.
Diane Swonk, chief economist at Mesirow Financial, says Thursday's government report on retail sales indicates that consumers are skipping a restaurant meal or a movie because they have to spend more to drive.
Swonk estimates gasoline prices are affecting the spending habits of more than half of U.S. drivers. According to the Energy Department's Energy Information Administration, the national average for a gallon of regular hit $3.10 on Monday. That's about 37 cents more than a year ago.

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  • by non anonymous on Jan 20, 2011 at 09:33 AM
    A lot of you here are not seeing the big picture here. High gas prices is a small part of their plan to transform this country into a high tech control grid. They must first destroy what you have been used to. Do any of you remember going to the polls and voting for NAFTA ? Voting at the polls for this new green economy (gas prices)? Everything they do is against the will of the MAJORITY of the people. They just give you bread and circus to keep you distracted.
  • by Drock Location: Michigan on Jan 19, 2011 at 07:27 PM
    As the price of gas goes up, we spend less on other specials. We will not go out to eat, we will spend a little less on groceries, or we deal with it in other means. What are you going to do, we gotta use gas. Electric vehicles.... yeah right. They will increase the cost of your power bill then.
  • by fran Location: lansing on Jan 19, 2011 at 03:37 PM
    that just what michigan needs we are allready suffering in many ways so just sock it to us again, why do we pay so much in gas tax when we need a break, i have family that lives in southern states andthere gas prices are never as high as ours
  • by ME Location: Lansing on Jan 19, 2011 at 01:51 PM
    The gas prices are absolutely ridiculous! They think just because retailers seen a rise in their sales over Christmas that we have the money to pay for this gas prices! Hold onto your wallet people, stop the spending....
  • by Anonymous on Jan 19, 2011 at 11:59 AM
    well the oil companies know we are NOT going back to horse & buggy.Amish yes.How many are Amish?They also know NOT all can buy NEW cars even though they'd love to force us.So what can we do?It would be nice if all would cut way back.Then they could not say it is demand.Do not they know up goes gas prices,up goes food prices and other things shipped by trucking companies.All added together with prices going up plus gas,say hello BAD ECONOMY and suffering people.Recovery?Greed from so many will NOT let this country ever recover.However this is the time of year many get big tax refunds.Many do some big shopping.So the oil companies want their share of our hard earned money.Will we give it this year?
  • by Anonymous on Jan 19, 2011 at 11:21 AM
    REALLY it took the economist this look to figure it out?????
  • by Wild Location: Mason on Jan 19, 2011 at 09:19 AM
    Wow these ppl are quick!! Didn't they learn from 2008 when everything started to fall?? But I guess not cause they are letting it happen again!! So now u really gotta ask yourself was it really the Bush administration or these moron investors an analyst??
  • by Casey on Jan 19, 2011 at 08:44 AM
    Did it really take a chief economist to figure this one out??
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