![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXfdXa3og_tnow5pMlYfxzrFEQQXlSrjbFiUOTyjUPEcLaSFxDT_Pc3bl46gEjh1QTKKIiMz0eLhkF6Np1Y0cGPLMKidOeTk2ciHhfDnI03Vos5Zj9eUzTbvodqmx3UcwCVa0vntUC0nc/s200/gasoline.jpg)
These high prices were unsustainable though and as the global economy fell off a cliff in late 2008, gas prices plunged 60% in 6 months offering Americans the likes of a substantial tax break. Yet, since the December 29, 2008 low of $1.59 gas prices have been steadily climbing. Weekly average gas prices hit $2.64 last week, a 66% bounce off the lows. Higher gasoline prices affect consumers' ability to spend acting as a hidden tax on their consumption.
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