Gas Prices Spike Further Damaging the EconomyDecember 7th, 2010 - 2:36 am ICT by Angela Kaye Mason
Dec 6 (THAINDIAN NEWS) With the price for a gallon of crude oil reaching almost ninety dollars a barrel, the price of gas per gallon in the United States is near $3 a gallon in most places, with some areas experiencing a recent spike of 10 cents per gallon, and other, like Atlanta, Georgia, soaring 11 cents a gallon higher than last week. This is definitely cause for alarm for those who had hopes of an economic recovery in 2011.
Technically, spikes in oil and gas prices become a tax on the consumer. This is said to be because they have no choice except to pay the outrageous prices and will have to spend less on other, less vital items.
Some feel that a great deal of the problem comes from the fact that the Federal Reserve is pushing gas prices higher by making controversial plans to buy six hundred billion dollars worth of long term Treasury Bonds. Critics feel that this second quantitative easing program since the beginning of the economic prices could just make the dollar even weaker, and drive commodity prices even higher, which would pull the economy even lower.
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- Gas Prices May Rise Above $3 A Gallon, Again - Mar 23, 2010
- Oil inches up on positive data - Mar 31, 2012
- Inflation, oil prices major concerns: Pranab - Feb 25, 2011
- Fuel price hike upsets people across India - Dec 15, 2010
- Gas prices see biggest jump of the year - Aug 13, 2012
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- Petrol prices to be hiked by 70 paise from midnight (Second Lead) - Jul 23, 2012
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