The Effect Of Gas Price On The Economy
The USA consumes 400 million gallons of
gasoline every day which has pushed gas
prices to record highs, and having an all-pervasive and on-balance a damaging
effect on the US economy. This makes that most motorists in the USA/Canada are
shopping around to find the best deals on gas, but are still paying a lot more
for it. High gas prices make people stop and think about their commute. This
will affect the US economy. Analysts were predicting a gallon of regular to
climb as high as $4.50 a gallon in California by Easter 2011. The effects of
such big cost hikes will reduce available spending money for all those on
average wages and below who need to travel significant distances in their cars,
and this will further depress the US economy. Cars now are more fuel-efficient
than they were in the 90s, so car owners can reduce your spending on gas by
choosing fuel efficient vehicles. This will tend to raise car imports to the
detriment of the US economy until the US manufacturers catch-up. It is not all
bad news though. Companies that own oilfield reserves will be seeing the value
of their resources growing, and businesses that are connected with the
renewable energy market are growing rapidly right across the range of renewable
energy sources from wind, to thermal energy, and of course that most popular of
renewable sources which is solar. Renewable energy companies are growing fast
and employing increased numbers of staff.
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