An AP article this morning tells why. Don't be misled by the smoke the writer is trying to blow your way; the pain is in the details " as it usually is.

Point #1: A recent AP-AOL poll found that almost two-thirds of Americans expect fuel costs will cause them financial hardship in the months ahead."

Point #2: Merrill-Lynch economists estimate that every penny-per-gallon increase at the pump drains about $1.5 billion out of consumers' pockets. That means the increase in gasoline costs this year has reduced the amount consumers have to spend on other items by about $90 billion."

Point #3: Officials at mortgage giant Freddie Mac estimate that the amount of cash homeowners will take out of their refinancings this year will total $162 billion, almost double the expected drain from higher energy costs. People are able to pull money out of their homes and put it into their gas tanks," said Mark Zandi, chief economist at Economy.com."

Americans are not prepared to accept the pain, so they borrow. Enough said.