Travel tanks as gas prices rise

Article Abstract:

The American Automobile Assn reports that gasoline prices have increased to a record national average of $1.578 per gallon. A telephone survey of 1,059 adults reveals that to deal with the rising prices, 48% are cancelling trips for the summer. Others are either looking for cheaper gasoline, reducing miles on the road or adjusting vacation plans. The USA TODAY/CNN Gallup Poll has a margin of error of 3 percentage points.

Consumer prices

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Survey: oil prices, inflation pose biggest threats to economy

Article Abstract:

The soaring price of oil is one factor that could threaten the longest US economic expansion. A barrel of oil averaged around $30 in Jun 2000 and rose to $35 a barrel in Sep 2000. However, economists feel that altough oil prices are not life-threatening at these levels, they are bound to slow the economy down. The economy is not so reliant on oil anymore as it has been in the past. Thus, the spike in oil prices would only serve to crimp US growth.

Unit costs & prices

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Supply fears drive gasoline prices higher

Article Abstract:

Gasoline prices are rising to record levels due to developments such as a refinery fire in the Midwest, razor-thin supplies and worries about shortages just as the summer driving season begins. Gasoline futures for May delivery rose to $1.163 per gallon on the New York mercantile Exchange on Apr 30, 2001, breaking a 17-year record. Futures contracts represent wholesale prices and the cost of gasoline for May delivery increased 23% over the past month on shortage concerns.

Securities prices

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