.
June 25th, 2008
05:20 PM ET

Are gas prices changing your life?

ALT TEXT
(PHOTO CREDIT: GETTY IMAGES)

FROM CNN's Jack Cafferty:

The market is beginning to do what no politician can. As we head into the summer driving season, rising gasoline prices are cramping the style of many Americans.

With the average price holding steady above $4 a gallon, demand for gasoline fell 2.7% last week compared to the same week one year ago. A MasterCard report says it's also the ninth consecutive week of declines compared to 2007.

The New York Times reports rising energy costs are forcing many Americans to reconsider life in the suburbs, now that commuting as well as heating and cooling their homes is becoming more and more expensive.

In the 1950s, we began fleeing the hustle and bustle of the cities for the peace and tranquility of the suburbs. But energy costs threaten to reverse this 50-year pattern. Analysts say that in cities like Atlanta, Philadelphia, San Francisco and Minneapolis, homes outside the urban center have been falling in value faster than those within it.

Economists and real estate agents believe that skyrocketing energy costs are a top reason why home prices continue to decline in the suburbs. In fact, a recent survey found that more than 75% of home buyers would rather live in a city because of fuel prices.

The bottom line is millions of Americans just can't afford to drive as much. The government found that in March, Americans drove 11 billion fewer miles than in the same month of 2007 – that's the largest one-month drop since they started keeping track of this stuff.

Here’s my question to you: How are gasoline prices changing your life?

Tune in to the Situation Room at 5pm to see if Jack reads your answer on air.

And, we love to know where you’re writing from, so please include your city and state with your comment.


Filed under: Gas Prices
newer posts »