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Business | 2007 | May | 22 | 2PM


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The average price of gasoline hit $3.218 a gallon Monday, up a stunning 11.5 cents the past week and just half a penny shy of the inflation-adjusted record, the government reported
May 22 '07 -Business- www.usatoday.com -prices,average,price
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Now, we're on target to hit a nationwide average of $3.25 by Memorial Day," says AAA spokesman Geoff Sundstrom
May 22 '07 -Business- www.usatoday.com -prices,average,price
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Best-selling SUVs this year are small, higher-mileage Honda CR-V and Toyota RAV4, displacing larger Honda Pilot and Ford Explorer, according to sales tracker Autodata
May 22 '07 -Business- www.usatoday.com -prices,average,price
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FIND MORE STORIES IN: SUVS | AAA | EIA | Tom Kloza | Honda CR-V | Gardiner The quick climb and resilience of high prices is a surprise
May 22 '07 -Business- www.usatoday.com -prices,average,price
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AUDIO: AAA spokesman says peak is near, and consumers already adjusting Numerical records have been set daily since May 13, according to AAA, which tracks prices every day
May 22 '07 -Business- www.usatoday.com -prices,average,price
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California, often a harbinger of prices in the rest of the United States and the only individual state the EIA breaks out, dropped 1.4 cents to an average $3.436.
May 22 '07 -Business- www.usatoday.com -prices,average,price
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More than just a way to keep score, a record — especially if prices keep rising from there — could domino through parts of the economy as shellshocked motorists look for ways to compensate
May 22 '07 -Business- www.usatoday.com -prices,average,price
10
And gasoline station convenience stores get hit hard because customers feel squeezed by the price of fuel and don't go inside for higher-profit items such as food and magazines, says Jeff Lenard, spokesman for the National Association of Convenience Stores
May 22 '07 -Business- www.usatoday.com -prices,average,price
9
Its members sell close to 75% of the gasoline in the United States The EIA's weekly report showed big price jumps where prices had been relatively low, in the Gulf Coast, up 17.7 cents from a week ago to $3.092, and Lower Atlantic, up 16.4 cents to $3109
May 22 '07 -Business- www.usatoday.com -prices,average,price
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They are unlikely to give up summer driving vacations, Sundstrom says, but could trim elsewhere: "They might cut back on purchase of retail items
May 22 '07 -Business- www.usatoday.com -prices,average,price
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Cracking that psychological barrier will make the point finally and firmly: Gasoline doesn't just seem expensive, it is expensive
May 22 '07 -Business- www.usatoday.com -prices,average,price
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But each has been short of that inflation-adjusted number
May 22 '07 -Business- www.usatoday.com -prices,average,price
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They might cut back on going out to dinner
May 22 '07 -Business- www.usatoday.com -prices,average,price
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The National Retail Federation says 40% of Americans already are making fewer shopping trips, and 38% are shopping closer to home
May 22 '07 -Business- www.usatoday.com -prices,average,price
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The average is almost certain this week to pass the inflation-adjusted high of $3.223, recorded in May 1981 by the Energy Information Administration
May 22 '07 -Business- www.usatoday.com -prices,average,price
4
Illinois, according to AAA, has the nation's highest statewide average: $3.457 In what might be a sliver of good news for motorists, prices on the West Coast, especially California, fell slightly
May 22 '07 -Business- www.usatoday.com -prices,average,price
4
EIA showed the West Coast average down 0.4 of a cent the past week
May 22 '07 -Business- www.usatoday.com -prices,average,price
4
Already, buyers have accelerated a shift to more fuel-efficient vehicles
May 22 '07 -Business- www.usatoday.com -prices,average,price
3
"A month or so ago, we didn't think prices would go above $3
May 22 '07 -Business- www.usatoday.com -prices,average,price
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That's the price that Tom Kloza, senior analyst at the Oil Price Information Service, calls the tipping point, the price at which Americans begin to change their behavior and fuel consumption drops
May 22 '07 -Business- www.usatoday.com -prices,average,price
 
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