Higher Gas Prices = Higher Costs
As gas prices rise across the United States, there is some worry that they may start to threaten the fragile economic recovery. Nothing is going to drop the price in gas anytime soon.
The Energy Information Administration said Monday that gas prices climbed last week to $3.88 a gallon, up 81 cents since the start of the year. That is the highest pump price since August 2008, before the financial meltdown.
Some of us are paying as much as $60-$75 at the pump for a full tank of gas. Because of the high prices, people are starting to go out less, and if they have things to do, then they get them done all in one trip.
Volunteers who use their cars to give back to the community may also have to cut back on how much help they can give. Restaurant owners are seeing a price hike on the gas surcharge to have their meat and produce delivered.
The airlines say for every penny per gallon fuel goes up, they lose $175 million a year. Rising prices are decimating their profits, which means higher ticket prices and added fees for travelers.
People are saying the only way to bring the price of gas down is to drive less often. More people are looking to hybrid and fully electric cars.
Pump prices are the highest in Southern California as of last week. Some are saying that the overall objective is to keep us focused on things like the national debt and gasoline prices so we won’t notice that there is reduced funding from Medicare and Social Security.