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Spending on Energy in 2011 Was Lowest Since ’98

People paying less, and also driving less:

The downward trend in both series would also suggest that higher gasoline prices in 2012 would have less of an impact on consumers than in past years.

Maybe, but I think people are already cutting vacation driving, and seeing that as a cut in their standard of living.  And gas prices are extremely visible.  Let’s also not forget that gasoline eventually gets priced into everything else.

Posted in Business, Economics.

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