Gas prices soared while the American driver cut back on driving. April saw a 1.8% decline in mileage from a year ago. That number accelerated downhill some 3.7% in May and 4.7% in June. A quick look at the graph above shows the disconnect between demand and prices. Gas prices rose 81 cents, nearly 25%, while demand fell. Only in mid July did prices start to ease. Funny, it happened after big oil announced record, record profits....
