Tom Groening | BDN
With prices creeping above $3.20 per gallon this week, how high will they get this summer when demand peaks? In mid-2008, gasoline prices hit the mid-$4 per gallonrange before dropping back in the $2 range when the recession hit later that year. Most observers have said prices have been artificially low because demand has dipped because of the economic slow-down. Speculators, who have a substantial impact on prices, were betting that prices would stay low. They are now betting on increased demand and higher prices.
At what price point will you change the way you live? What changes will you make? Are prices likely to return to the $2 range?