BUSINESS
03/07/2011 06:32 pm ET Updated May 25, 2011

Gas Prices Soar: What Are You Cutting Back On?

With the average price of gasoline now above $3.50 per gallon, we asked our readers what spiking oil prices would cause them to cut down on. (See what they said in the slideshow below)

Violence in Libya shows no signs of slowing, and that's causing oil prices to continue their steady climb, at one point hitting $118 per barrel on Monday. The situation has become so dire that Barack Obama is considering tapping U.S. oil reserves and Morgan Stanley have announced they will temporarily halt all oil trade with Libya.

Unrest in Libya and the rest of the Middle East has been the primary and most-publicized concern. And that anxiety appears justified, as Libya's political turmoil has already cut the country's oil output in half. But it's not only international production that is down. The American Petroleum Institute reported last week that their inventories of both crude oil and gasoline are diminishing, at a time when many expected increases.

Federal Reserve chairman Ben Bernanke has said rising oil prices "do not yet pose a significant risk" to the U.S. economy. But a sustained price increase? He admits that might be a different story. So is the age of cheap oil over? International Energy Agency's chief economist Fatih Birol believes so. Do you?

CNN notes that while Hawaii's gas costs $3.80 per gallon -- good for highest in the nation -- you'll find the lowest rate in the country all the day down at $3.09. Wyoming holds that title. How much do prices fluctuate within your state or city?

When gas prices go up, what's the first thing you cut back on? Tweet us at @huffpostbiz with the first things you cut back on when gas prices rise! (Please use the hashtag #gasprices). Selected responses will be added to this post via Twitter.

Here's what people said so far:

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