51 a gallon cnn money april 22 2008 new york

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Unformatted text preview: rices now averaging $3.51 a gallon nationwide, … more and more Americans who have to drive are weighing the need for each and every trip. … Some would-be drivers are considering less energy-dependent alternatives simply for money’s sake. In Los Angeles, for example, fiction writer Brian Edwards sold his gas-guzzling Ford truck and now relies on his skateboard or the bus to get around. Sharon Cooper of Chicago, meanwhile, said she is planning to buy a bicycle to use on her 2 1/2-mile commute to work. … “It’s hell,” said legal aide Zebib Yemane, … “When going downhill, I used to step on the gas. Now I don’t.” … “Bottom line, we can’t afford it no more, man. It’s too much,” Bak Zoumane said as he filled up his yellow cab at a BP station in midtown New York. The West African immigrant said his next car will likely be a hybrid so he won’t have to pay so much at the pump. Gasoline prices typically rise in the spring as stations switch over to pricier summer-grade fuel and demand picks up as more travelers take to the road. But this year prices are rising even faster than normal, experts say, because of the massive jump in benchmark crude prices, which spiked to a record $117.76 a barrel Monday. … © 2008 Cable News Network. A Time Warner Company. All Rights Reserved. Essence of the Story ■ The retail price of gasoline hit a record high of $3.51 a gallon in April 2008. ■ Gas station owners said the high prices weren't their fault. ■ Drivers weighed the need for each trip and conserved energy by slowing down, easing off the gas when going down hill, or switching to hybrid vehicles. ■ Some people found alternative means of transportation that include the bus, a bicycle, or even a skateboard. 72 ■ The switch to summer-grade fuel and a seasonal increase in travel normally raise the price of gasoline in the spring. ■ In 2008, gas prices rose faster than normal because of a large rise in the price of crude oil, which reached $118 a barrel....
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This note was uploaded on 04/04/2012 for the course ECON 251 taught by Professor Blanchard during the Spring '08 term at Purdue.

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