The best cure for high gasoline prices is high gasoline prices. Gas prices have tumbled by 86 cents since hitting a record average high of $5.02 on June 14. Over the past month alone the national average is down by 65 cents.
Americans cut back on driving when gas prices spiked above $5 a gallon. The 4-week moving average of gasoline usage dropped 9.5% to 8.6 million barrels per day (mbd) through the July 29 week (chart below). That's down from 9.5 mbd a year ago.
