Gas Use Hits Record Low, Prices Still Sky High

Soaring gas prices are changing Americans driving habits, cutting consumption to the lowest levels in five years, reports the Wall Street Journal. Gas consumption dropped by 3.3% to 9.3 million barrels a day compared with last year's Fourth of July holiday. Some 62% of Americans are changing summer plans because of rising gas prices, and 15% have canceled vacations altogether.

Yet despite falling demand and increasing supply, oil prices remain high. "We think oil is set for a significant correction," said an energy research analyst. "But it's probably not going to occur until the end of this year or early next year."