In Atlanta, it seems like the cost of Gas is well over $3 a gallon now. Over the holidays, I took a couple of road trips and my fill up with premium was costing $3.15 a gallon (sadly, my check engine light still went on when I drove it too soon after cranking it.) and I as I was driving down peachtree, it looked like some stations were charging 3.05 for regular… and up to $3.25 for regular. As we approach the significant $3.50 and $4 nationwide gas prices that we were at several years ago, it can be intimidating to the average commuter.
Sadly, it\’s a side effect of the economy doing better that the price of a barrel of oil may cost $100. As people are coming back into money, they\’re investing in oil and effectively creating a derivative market shortage of it. The question will be, how will the American economy respond the second time. I\’ve long contended that when people in Atlanta and LA who barely make it paycheck to paycheck had to start choosing between paying the gas bill to get to work and their ARM on their house was the every day realistic cause of the sub prime market collapsing. On the other hand, we do have more fuel efficient and hybrid cars thanks to diligent work of Ford, Toyota, and Honda.
How will your life be affected if and when gas hits $3.50 where you live? How long is your commute, what\’s your additional cost per week?