Coping with higher gas prices

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Coping with higher gas prices

As energy prices continue their recent rapid surge, the State of Hawaii is imposing a cap on rising gasoline prices--the first such move in the US since the early 1970s.

Both oil and natural gas are in heavy demand by the fast-growing economies of China and India, and both have supply bottlenecks. Market forecasters are warning that a cold winter could push oil and natural gas prices even higher. The US government estimates that the average residential bill will be 23% higher than it was a year ago.

Crude oil for October delivery is now above the $67. Adjusted for inflation, it is the highest crude has traded since November 1982. Year-to-date, crude is now up 55%.