Money Matters - Simplified

gas prices

Consumer spending drops as gas prices rise

The Commerce Department reported Monday that consumer spending dropped 0.1 percent as the gas prices continue to soar. Rising gas prices coupled with increasing unemployment is putting pressure on the budget of the consumers forcing them to cut optional purchases.

U.S. gas prices down 17 cents, fall likely to continue

Gas prices in the U.S. have fallen by nearly 17 cents in the last three weeks, said a survey published on Sunday. The drop in gas prices is likely to continue, it predicts.

Gas prices soar amid tornadoes hitting South refineries

The large number of tornadoes that hit the South in the past one week has forced the refineries to close down temporarily, besides causing a great loss of life and property.

Poll: Motorists expect higher gas prices

Detroit -- The overwhelming number of U.S. motorists expect gas prices to rise sharply during the next month, a poll indicates.

The Kelley Blue Book's Market Intelligence Study also found that two-thirds of respondents said the possibility of gas price increases has influenced their thoughts on what car to buy, The Detroit News reported Sunday.

The poll found 87 percent of motorists expect sharp rises in gas prices, up from 66 percent in April.

Last summer when gas prices surged, cars accounted for 57 percent of vehicles sold, but the ratio returned to a roughly 50-50 car-truck mix when fuel costs subsided, said Rebecca Lindland of IHS Global Insight. "We did not see any long-term change."