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."