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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:10,074 Points:2,344,605 Joined:Apr 2005	Message Posted: Mar 3, 2012 2:53:40 AM Ignore djgunrunner Report Abuse 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.
fullcirclethink Champion Author Washington Posts:2,006 Points:159,100 Joined:Jun 2009	Message Posted: Mar 3, 2012 2:35:03 AM Ignore fullcirclethink Report Abuse 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!!
cheapchickKY Champion Author Lexington Posts:3,997 Points:792,290 Joined:Jan 2011	Message Posted: Mar 3, 2012 1:53:40 AM Ignore cheapchickKY Report Abuse The budget can only be stretched so far.
dave27johnson Champion Author Chicago Posts:1,784 Points:404,915 Joined:Feb 2012	Message Posted: Mar 3, 2012 1:28:46 AM Ignore dave27johnson Report Abuse As the article says, "higher gas prices might even be a good thing." I disagree.
BJWI Champion Author Milwaukee Posts:6,387 Points:732,325 Joined:May 2011	Message Posted: Mar 3, 2012 1:24:46 AM Ignore BJWI Report Abuse 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!
RitaVespa Champion Author Oregon Posts:2,956 Points:787,385 Joined:Jan 2011	Message Posted: Mar 3, 2012 1:18:09 AM Ignore RitaVespa Report Abuse Yeah, the price at the pump has real pain.
kitty1750 Champion Author Kitchener-Waterloo Posts:2,199 Points:470,675 Joined:Jun 2011	Message Posted: Mar 3, 2012 1:09:14 AM Ignore kitty1750 Report Abuse 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.
nurdco Champion Author Colorado Springs Posts:9,205 Points:1,690,410 Joined:Apr 2008	Message Posted: Mar 3, 2012 1:00:40 AM Ignore nurdco Report Abuse In the wallet...