High gas prices hurting confidence, changing habits

[phantom power]

WASHINGTON — Rising U.S. gasoline prices have damaged confidence in the country's future and forced Americans to change their spending habits and lifestyles, a Reuters/Ipsos poll released Wednesday found.

The proportion of people who believe the United States is on the wrong track jumped 5 points to 69 percent from March, the poll found, the highest wrong-track figure in an Ipsos poll since President Barack Obama took office in January 2009.

More than six of every 10 Americans have cut back on other expenses and reduced their driving as a result of the rising gas prices caused by tumult in North Africa and the Middle East.

http://www.msnbc.msn.com/id/42574601/ns/business-oil_and_energy/

[dkf]

1. Boy what is going to happen when peak oil starts getting more obvious?

Scary.

[LAGC]

2. Once gas hits $5/gallon bio-fuels should really start to take off.

They are already talking about 50-50% algae-based bio-fuel/petroleum mixes within the next couple years:

http://www.heatingoil.com/blog/darpa-biofuel-from-algae-could-cost-only-1-per-gallon215/

Within 20 years, depending on pricy petroleum for fuel may be a relic of the past.

[kestrel91316]

3. Tell that to the armies of giant-SUV-drivers here in Lost Angeles.

I am starting to notice vast numbers of them again, the past year or so, though at least this time Hummers are not among them.