Gas Now Below $3: Ready to Buy a Hummer Yet?
As the national average price for a gallon of gasoline hit $2.92 today — and it’s expected to keep falling — we’re left wondering if the price decrease will have any impact on drivers. Demand has continued to drop, down 9.7% in the federal government’s latest reporting from early October, despite lower prices.
The down economy seems to be the No. 1 reason why drivers are cutting back today; it was this summer’s high gas prices that started a downward trend in demand.
Whatever the reason, there has been no sign from consumers that they’re shifting back to large SUVs and trucks. It seems that $4 gas, even if temporary, made its mark on car shoppers.
Gas prices reverse course, fall below $3 (USA Today)