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December 31st, 2008

Americans Determined to Keep Gas Cheap



According to a recent Gallup poll, despite oil prices that have fallen nearly $100 a barrel, the majority of Americans are continuing to drive less. Lack of demand has allowed cheap gas prices to put some money back in consumers’ pockets:

Even though prices at the pump are now about 45% lower than they were a year ago and significantly below $2 a gallon, 52% of Americans told Gallup that they have not gone back to their old gas-guzzling ways.

At the same time, overall demand for gasoline continued to decline, according to MasterCard SpendingPulse. Demand during the usually volatile Christmas week dropped 2.9% from the prior week while year-to-date consumption was off 3.2%. Winter storms throughout the country also hurt demand.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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