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Were gasoline prices high? Emotions said yes (in polls). Reality is completely different. One month this summer set a new record for gasoline consumption. Sales of GM's gas guzzlers reported this last quarter were at record high volume. Ford's F-150 sales, although down from last years record high levels, are still selling at numbers that are higher than most previous years.
Gasoline at $3+ per gallon was not expensive. SUV sales are still strong. With inflation, price of gasoline is same as gasoline prices in early and mid 1970s. That same history says gasoline must rise to somethng like $6 or $7 per gallon before consumers really consider gasoline expensive.
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