The CNBC media commentators talk about gas (petrol) at $4 a gallon to be a psychological barrier. Beyond that price, the consumers will reduce the consumption of gas. What is the petrol price in Singapore now, and how much is it converted to US$ per gallon? I believe that our petrol prices must have exceeded the US prices by a lot!
UPDATE
I did my research. Petrol price is $2.12 p litre (95 UL). 1 US gallon = 3.785 litre. USD = 1.247 SGD. So, the petrol price in Singapore is USD 6.43 per gallon - over 50% higher than the "critical price" in US. Singaporeans do pay high price!
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