NEW YORK (AP) _ As the price at the pump keeps rising, the demand for gasoline in the U.S. is falling, and has been for six straight weeks.
Reports from government and industry groups show motorists have been cutting back on the amount of gas they put into their tanks. That could signal trouble for the economy since Americans typically cut spending on other activities before they do less driving.
Since January, the national average for a gallon of regular unleaded has risen 91 cents to $3.98. It’s due primarily to a 20 percent jump in the price of oil this year. Gas rose more than 30 cents in April alone, as refinery problems led to an unusually big drop in supplies.
Gas is now more than $4 per gallon in 13 states and Washington D.C.
Some analysts expect the price to hit $5 per gallon by summer. Others see signs the price is near its peak.
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