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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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Cashless Champion Author Akron Posts:3,530 Points:736,255 Joined:Apr 2011	Message Posted: Mar 4, 2012 3:58:39 PM Ignore Cashless Report Abuse My wallet is now bleeding, yes my pain is officially real.
IwanFL Sophomore Author Gainesville Posts:238 Points:114,870 Joined:Dec 2011	Message Posted: Mar 4, 2012 12:29:51 PM Ignore IwanFL Report Abuse It really hurts our pocket
07skydriver Champion Author Ohio Posts:3,270 Points:985,035 Joined:Feb 2009	Message Posted: Mar 4, 2012 7:47:24 AM Ignore 07skydriver Report Abuse Just stay home.
SavingInNC Champion Author North Carolina Posts:5,798 Points:1,095,415 Joined:Oct 2006	Message Posted: Mar 4, 2012 7:33:55 AM Ignore SavingInNC Report Abuse Yes
kitty1750 Champion Author Kitchener-Waterloo Posts:2,199 Points:470,675 Joined:Jun 2011	Message Posted: Mar 4, 2012 2:21:25 AM Ignore kitty1750 Report Abuse $5.20 a gallon here in Canada now, up another 16 cents since yesterday.
schatzila Champion Author Los Angeles Posts:4,959 Points:1,018,570 Joined:Jun 2010	Message Posted: Mar 3, 2012 10:19:47 PM Ignore schatzila Report Abuse It sure is.
vjs3 Champion Author Denver Posts:2,552 Points:652,615 Joined:Jun 2011	Message Posted: Mar 3, 2012 8:52:50 PM Ignore vjs3 Report Abuse I think all of us will be impacted.
fishnhuntWV Sophomore Author West Virginia Posts:231 Points:65,870 Joined:Aug 2011	Message Posted: Mar 3, 2012 7:59:32 PM Ignore fishnhuntWV Report Abuse plant a garden this year food is going to be high,and may go higher than what people are forecasting, more food this fall and summer will go to biofuel, probably way more than last year
alterman156 Champion Author New York Posts:7,500 Points:1,559,700 Joined:Dec 2008	Message Posted: Mar 3, 2012 7:43:05 PM Ignore alterman156 Report Abuse The pump at the pump will be felt when gasoline reaches $4+ per gallon. Many stations in my area are at $4+ per gallon.
investmentdr Champion Author Cleveland Posts:4,039 Points:1,457,000 Joined:Sep 2008	Message Posted: Mar 3, 2012 7:36:27 PM Ignore investmentdr Report Abuse burritos cause gas pain
investmentdr Champion Author Cleveland Posts:4,039 Points:1,457,000 Joined:Sep 2008	Message Posted: Mar 3, 2012 7:36:02 PM Ignore investmentdr Report Abuse it's only painful if you have to buy it
amerk73 Champion Author Dallas Posts:7,060 Points:1,623,030 Joined:Oct 2008	Message Posted: Mar 3, 2012 4:12:42 PM Ignore amerk73 Report Abuse gas price big pain
gasokie Champion Author Oklahoma Posts:3,450 Points:1,327,140 Joined:May 2007	Message Posted: Mar 3, 2012 2:20:43 PM Ignore gasokie Report Abuse When adjusted for inflation, gas has hardly gone up since 1980. I think what hurts worse is "working people" are making less. Some I know have lost their 30 buck an hour jobs and make about half that now but costs are still going up, hard times are here.
Rehorsehay All-Star Author California Posts:871 Points:45,925 Joined:Feb 2012	Message Posted: Mar 3, 2012 2:16:25 PM Ignore Rehorsehay Report Abuse Not everybody can be rich. A hard working man that goes to work every day shouldn't have to live pay check to pay check. LIVING WAGE not FROZEN WAGES. All the speculator's and investers just drive the price of oil up! there bye drivng the price of every up. The working man can't keep up!
Charley_7 Veteran Author New York Posts:293 Points:207,655 Joined:May 2011	Message Posted: Mar 3, 2012 1:51:54 PM Ignore Charley_7 Report Abuse More affordable public transportation system to offset higher prices would be a good start...
shawnpv Rookie Author Texas Posts:8 Points:189,035 Joined:Dec 2011	Message Posted: Mar 3, 2012 1:42:38 PM Ignore shawnpv Report Abuse @Dave27johnson.... those very rich folks don't keep all the money in the bank or under their mattress, it doesn't earn them anything there. Instead, they invest it elsewhere and that means more businesses, bigger businesses and more hiring. Don't begrudge those that have earned large fortunes.....instead you should work to get there yourself.
JustDrill4Oil Veteran Author Dayton Posts:367 Points:33,505 Joined:Jul 2010	Message Posted: Mar 3, 2012 11:14:30 AM Ignore JustDrill4Oil Report Abuse Get rid of O'bummer and take a step toward sane economics. No Food for Fuel! Just Drill 4 Oil
AlgaeNOW Champion Author Wyoming Posts:1,012 Points:312,030 Joined:Sep 2005	Message Posted: Mar 3, 2012 10:33:57 AM Ignore AlgaeNOW Report Abuse Algae NOW...!
firenrn Champion Author San Diego Posts:2,138 Points:449,830 Joined:Feb 2012	Message Posted: Mar 3, 2012 10:18:31 AM Ignore firenrn Report Abuse Ouch. It's real.
dave27johnson Champion Author Chicago Posts:1,790 Points:410,860 Joined:Feb 2012	Message Posted: Mar 3, 2012 10:03:21 AM Ignore dave27johnson Report Abuse When it costs more for the average driver to buy the same amount of gas, billions of dollars pile up in the bank accounts of very rich people.
Lugi1967 Champion Author Ohio Posts:4,798 Points:1,004,195 Joined:Jun 2010	Message Posted: Mar 3, 2012 9:59:32 AM Ignore Lugi1967 Report Abuse Painful to say the least
bar1035 Champion Author Charlotte Posts:9,172 Points:1,300,170 Joined:Aug 2006	Message Posted: Mar 3, 2012 9:37:26 AM Ignore bar1035 Report Abuse Good to have a job. Not one of those legislated out of existence in 1994 yet.
leraar2 Champion Author Massachusetts Posts:3,774 Points:789,630 Joined:Mar 2011	Message Posted: Mar 3, 2012 9:06:49 AM Ignore leraar2 Report Abuse not only is the money being sucked out of the economy, it's not even staying in this country, nor are significant taxes acruing to the US Treasury. the bulk of the money is going to INTERNATIONAL OIL COMPANIES. they have NO LOYALTY to the USA.
bullet226 Champion Author Toronto Posts:2,716 Points:534,915 Joined:Nov 2010	Message Posted: Mar 3, 2012 9:00:50 AM Ignore bullet226 Report Abuse $5 a gallon here in Canada
scu227 Champion Author New Haven Posts:4,162 Points:773,830 Joined:Feb 2011	Message Posted: Mar 3, 2012 8:52:11 AM Ignore scu227 Report Abuse It is to my wallet and it also has that domino effect with prices on food, taxes and almost everything else too. The only thing that does not rise is our income.
Grizdad Champion Author San Bernardino Posts:5,540 Points:785,825 Joined:Oct 2010	Message Posted: Mar 3, 2012 8:51:11 AM Ignore Grizdad Report Abuse I drive the Freeway that leads from LA to Vegas when I work. Fridays are usually pretty packed on the freeway. Not so last night. Just zipped right along...
bigmoo63 Champion Author Kalamazoo Posts:1,275 Points:83,105 Joined:Nov 2009	Message Posted: Mar 3, 2012 8:35:05 AM Ignore bigmoo63 Report Abuse What kind of a stupid headline is that? Of course it is.
Evilmaddog Champion Author British Columbia Posts:3,332 Points:959,500 Joined:Aug 2010	Message Posted: Mar 3, 2012 8:12:38 AM Ignore Evilmaddog Report Abuse economy killer
coughlin Champion Author San Jose Posts:5,195 Points:1,119,815 Joined:Sep 2009	Message Posted: Mar 3, 2012 8:12:25 AM Ignore coughlin Report Abuse It's becoming a fact of life.
dal1 Champion Author Illinois Posts:1,183 Points:147,165 Joined:Jun 2007	Message Posted: Mar 3, 2012 7:56:56 AM Ignore dal1 Report Abuse IT HURTS!
TruthMatters Champion Author New Jersey Posts:2,525 Points:535,710 Joined:Oct 2011	Message Posted: Mar 3, 2012 7:50:03 AM Ignore TruthMatters Report Abuse The pain should be real, but not many people are showing it. Simply slowing down can save gas, but people in my area are still driving around like maniacs!
gs7101 Champion Author San Antonio Posts:5,533 Points:389,120 Joined:Jun 2009	Message Posted: Mar 3, 2012 7:40:50 AM Ignore gs7101 Report Abuse Yes, the increased price of gas is a big pain in you know what. It's like adding an additional tax to your income!
07skydriver Champion Author Ohio Posts:3,270 Points:985,035 Joined:Feb 2009	Message Posted: Mar 3, 2012 7:36:21 AM Ignore 07skydriver Report Abuse Just stay home.
SUNOIL Champion Author Toledo Posts:5,255 Points:1,927,955 Joined:Jul 2007	Message Posted: Mar 3, 2012 7:30:05 AM Ignore SUNOIL Report Abuse And whose pocket does that $50 billion go in?
Joeski1 Champion Author New Jersey Posts:10,017 Points:1,744,760 Joined:Dec 2004	Message Posted: Mar 3, 2012 7:26:34 AM Ignore Joeski1 Report Abuse Is the pain real?? hmmmm..... please wake me up soon if it's all a bad dream....
1momsunshine Champion Author Ottawa Posts:5,505 Points:1,003,505 Joined:Mar 2010	Message Posted: Mar 3, 2012 6:57:54 AM Ignore 1momsunshine Report Abuse wow
yardslave Champion Author Oklahoma City Posts:2,565 Points:598,755 Joined:Dec 2005	Message Posted: Mar 3, 2012 6:44:44 AM Ignore yardslave Report Abuse Ok
jrs4125 Champion Author Indiana Posts:2,768 Points:593,695 Joined:Sep 2011	Message Posted: Mar 3, 2012 6:26:04 AM Ignore jrs4125 Report Abuse North central Indiana price went up again. It is now 3.99 a gallon for regular. One month ago it was 3.08. My question is how is the US a net exporter of gasoline? Again the 99% pays the price.
APlus Champion Author San Antonio Posts:3,923 Points:993,170 Joined:Apr 2007	Message Posted: Mar 3, 2012 6:00:32 AM Ignore APlus Report Abuse What is inflaction?
Buckeyee Champion Author Maine Posts:4,616 Points:901,575 Joined:May 2010	Message Posted: Mar 3, 2012 5:35:47 AM Ignore Buckeyee Report Abuse Look for inflaction to jump in both food, & energy. This is what happens when Obama pushes his " Green " agenda.
Pozole Champion Author Portland Posts:9,614 Points:1,597,445 Joined:Mar 2005	Message Posted: Mar 3, 2012 5:35:33 AM Ignore Pozole Report Abuse ...OWOOOooooow ! !...
BIGOILEATURCRUD Champion Author North Carolina Posts:5,792 Points:1,381,425 Joined:Nov 2008	Message Posted: Mar 3, 2012 5:12:51 AM Ignore BIGOILEATURCRUD Report Abuse Only painful as one makes it. Still cheaper than beer.
BBopp Champion Author Dayton Posts:6,849 Points:1,940,405 Joined:Dec 2006	Message Posted: Mar 3, 2012 4:54:56 AM Ignore BBopp Report Abuse The pain at the pump is real! I for one pay attention to the price of groceries.
bills299 Champion Author Atlanta Posts:3,376 Points:906,440 Joined:May 2005	Message Posted: Mar 3, 2012 4:43:27 AM Ignore bills299 Report Abuse Yes it is real!
graceman Champion Author Baltimore Posts:4,968 Points:1,158,725 Joined:Jun 2008	Message Posted: Mar 3, 2012 3:39:29 AM Ignore graceman Report Abuse oil companies are just thumbing their noses at us.
WalRus49 Champion Author Boston Posts:4,085 Points:870,815 Joined:Nov 2010	Message Posted: Mar 3, 2012 3:38:36 AM Ignore WalRus49 Report Abuse More organized mayhem and pillage............
TRYWI All-Star Author Appleton Posts:898 Points:282,150 Joined:Jan 2012	Message Posted: Mar 3, 2012 3:21:03 AM Ignore TRYWI Report Abuse ok
123cowboy Champion Author Maine Posts:1,833 Points:403,570 Joined:Mar 2011	Message Posted: Mar 3, 2012 3:00:11 AM Ignore 123cowboy Report Abuse sounded like someone trying to justify the public getting the shaft on gas prices...
djgunrunner Champion Author Salt Lake City Posts:10,114 Points:2,351,530 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:2,007 Points:159,270 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!!