High gasoline prices crimping drivers’ spending at the pump
By DAMIAN J. TROISE
AP Business Writer
NEW YORK (AP) — Soaring gasoline prices have left many consumers with no choice but to cut spending on non-essentials, but it might be coming full circle by stopping some drivers from filling up their tanks. This “demand destruction” occurs when persistently high prices cause demand to drop. It’s an unwelcome sign as consumers face the highest inflation in four decades with no relief in sight. Data from the Energy Information Administration shows gasoline demand is already falling.
