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| We're having a little gas war in southeast Grand Rapids |
Annual records for gasoline prices are taking their toll on the American economy, consuming as much as 0.5 percent of annual GDP.
As such, it's an example of a tax which only hurts, averaging over 5 percent of the typical household budget in the past but over 8 percent now.
The AP has the story here:
For this year, gas should average $3.53 per gallon. That's 76 cents more than last year. It's 29 cents per gallon more than 2008, when gas last set an annual record, $3.24. ... Compared with the year before, American gas consumption has been down every week for more than nine months, according to MasterCard SpendingPulse, a spending survey.
