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GasBuddy News Article

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Gas Prices: Is the Pain Real

Businessweek.com -- Gas prices have jumped by 30¢ a gallon, to an average of $3.73, over the past month.

The economic impact is substantial because gas is a fairly big part of people’s budgets. Lower-income people especially are getting squeezed pretty horribly.

Just how much? A recent Credit Suisse report says each penny increase in gas prices takes $1 billion out of the economy over the course of a year. So a 50¢ jump would mean $50 billion that’s not spent on other stuff.


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Submitted Mar 03, 2012 By: Gas Cat
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djgunrunner
Champion Author Salt Lake City

Posts:11,885
Points:2,678,885
Joined:Apr 2005
Message Posted: Mar 3, 2012 2:53:40 AM

As long as obama continues to do nothing then the prices will continue to rise. By using Natural Gas he would reduce the demand for oil and keep a lot of money in America as well a cut pollution.
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fullcirclethink
Champion Author Washington

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Points:165,120
Joined:Jun 2009
Message Posted: Mar 3, 2012 2:35:03 AM

Funny how so many in the media are doing their level best to downplay a very serious impact higher gasoline prices are exacting on the economy. Especially when they were all over the previous administration when gas prices were on the rise! What a bunch of hypocrites!!
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cheapchickKY
Champion Author Lexington

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Message Posted: Mar 3, 2012 1:53:40 AM

The budget can only be stretched so far.
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dave27johnson
Champion Author Chicago

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Points:693,930
Joined:Feb 2012
Message Posted: Mar 3, 2012 1:28:46 AM

As the article says, "higher gas prices might even be a good thing." I disagree.
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BJWI
Champion Author Milwaukee

Posts:8,115
Points:1,072,855
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Message Posted: Mar 3, 2012 1:24:46 AM

Gas prices have increased faster than ever before. One has to wonder if this is an organized effort of the oil industry, mutual fund managers, and speculators to influence and manipulate the course of November's presidential election!
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RitaVespa
Champion Author Oregon

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Points:1,108,225
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Message Posted: Mar 3, 2012 1:18:09 AM

Yeah, the price at the pump has real pain.
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kitty1750
Champion Author Kitchener-Waterloo

Posts:2,199
Points:470,675
Joined:Jun 2011
Message Posted: Mar 3, 2012 1:09:14 AM

What we're paying here in souther Ontario right now is equivalent to $5.04 a gallon. But is the pain real? Nah! Of course not!! Figure it out.... It's all just phantom pains.
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nurdco
Champion Author Colorado Springs

Posts:11,744
Points:2,031,040
Joined:Apr 2008
Message Posted: Mar 3, 2012 1:00:40 AM

In the wallet...
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