PRICING SIGNALS WORK: “As average gas prices hit a record high of $4.108 a gallon this week, the government released new data showing that drivers have cut back their use of the fuel to levels not seen in five years. . . . Even through the Fourth of July weekend — a time when Americans traditionally get on the road — gasoline consumption dropped 3.3% from last year to 9.347 million barrels a day, according to weekly data released by the federal Energy Information Administration. For the first week of July, that is the least drivers have used since 2003, when consumption was 9.05 million barrels a day. Meanwhile, supplies of gasoline are building even as refiners produce fewer gallons of the fuel.” Hmm.