The gas pump blues

Thursday, April 24, 2008 | 2:06 a.m.

On Monday the average price for regular gasoline in America was $3.51 a gallon, an all-time high. The price increased 11 cents over the previous week and shows no sign of dropping.

The price easily eclipsed the previous mark, an inflation-adjusted $3.41 a gallon, set in March 1981.

The cost of gasoline is putting a major crimp in many wallets and is contributing to higher prices in a troubled economy. Americans are already feeling the pinch. According to a USA Today/Gallup Poll last month, six in 10 Americans said fuel prices are causing a financial hardship.

When will it stop?

No time soon, according to the U.S. Energy Information Administration, which says prices may reach $4 a gallon this summer. Diesel fuel is beyond that mark, having reached an average price of $4.14 a gallon Monday, up 8 cents from the prior week.

So what do we do?

Presumptive Republican presidential nominee Sen. John McCain says the nation should have a three-month “gas tax holiday” this summer, waiving the 18-cent tax per gallon. That is a terrible idea, considering highway building and maintenance programs funded by the tax would be gutted.

Instead, many people have found a common-sense approach and are simply driving less or buying fuel-efficient vehicles. USA Today reported that since December gasoline sales have fallen each month between 2 percent and 11 percent. Dealers saw the sale of gas-electric hybrids soar 38 percent last year, while overall auto sales declined 3 percent.

The Associated Press reported that as a result of less-than-expected demand, gas refiners did not raise their price as much as they would have liked.

That may be some consolation for drivers today, but America should be looking toward the future and spending more money on public transportation and alternative fuels, and stressing fuel efficiency. Those are all proven ways that can reduce pollution and cut the country’s dependence on oil.