The papers today all carry the news that a whopping 81% of Americans, according to a New York Times/CBS News poll, believe that the US is on the wrong track — or to be precise, that “things have pretty seriously gotten off on the wrong track.”

But behind this headline is the finding that spiraling gas and oil prices are of more concern to Americans than the home mortgage crisis.

Twenty-one percent of Americans say the most important problem facing the US economy is gas and oil prices, while only 14% named housing and the home mortgage crises.

The poll also shows that only 21% of Americans believe the economy is in good shape, the lowest percentage since October 1992 — and this number is down 17% since January.

“If you think pump prices are high now hold on to your wallet,” says Mike Burnick in the Offshore A-Letter.

“Since June 1st last year, crude oil surged almost 58% higher in price. Over the same period however, the price of unleaded gasoline has only advanced about 19%

“Prices at the pump usually climb as America enters its summer travel season, boosting demand for gasoline. Over the past five years, demand for unleaded has jumped on average 4% between April and July.”

“Even with oil prices at $80 a barrel, major oil firms are printing money,” says Floyd Brown at Investment U.

“They have been showing financial discipline and therefore are increasing returns to shareholders. Natural gas supplies are tightening after a return to colder winter temperatures and firms specializing in providing this clean-burning product are throwing off immense amounts of cash. Plus, the oil service stocks have paused even as oil exploration budgets are growing.”

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