Feb 23, 2012 5:15pm
How Gas Prices Are Affecting Consumers
EmailAs the national weekly average for regular gas continues to climb — now $3.59 a gallon, up 7 cents from last week, according to the U.S. Energy Information Administration — here’s how soaring prices are affecting American consumers:
- The average American household spends $3,348 of its after tax income on gasoline and diesel.
- A 10 cent rise in prices means that the average household spends $93.25 more on gas and diesel per year.
- Every 10 cent rise in gas prices removes $11 billion from consumers wallets over the course of an year.
- Lower-income households are most sensitive to fluctuations in energy prices. Households in the lowest income quintile spend about 11 percent of their income on energy (which includes gasoline, natural gas and electricity), whereas households in the highest quintile spend 6.8 percent of their income on energy, according to the Bureau of Labor Statistics.
SOURCE: MOODY’S ANALYTICS
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I know that there are more factors that effect the gas prices than just tapping our reserves and drilling. At the same time President Obama is saying that the republicans stance is drilling, drilling, and keep drilling. My question is why can’t they allow drilling to help the gas prices and the economy, but enforce stricter policies that require safer and more green drilling. I fully support protecting the environment. Maybe I’m just not understanding why this isn’t possible.
Posted by: Jerry H. | February 23, 2012, 6:41 pm 6:41 pm
Well, Maxine “loon” Waters says that if oil companies insist on drilling, she’ll advocate government take over.
Posted by: newcountryman | February 23, 2012, 6:51 pm 6:51 pm
Gas and oil land owners are paid royalties for their gas and oil. Then they must pay some of their ryalties to get the gas to market. So when it gets there they still own the gas or oil till its sold. Wall street hedges the futures and the gas and oil is sold at a different date. So here is my point. Royality owners own their share of the gas and oil till its sold. So if speculators drive up the price of oil and gas they should have to pay the royality owners the hedged price because some of it is their gas.. If they had to do this they would not be in such a hurry to bid it up.
Posted by: Daryle Owen | February 23, 2012, 6:56 pm 6:56 pm
How can the oil companies use these lame excuses?! There has always been war. We have already seen the prices jump since well before this announcement. I am appauled at the sheer greed. What about all of the reserves that we already have and how can we even get out of this “recession” more like a depression if we are gouged for more than 25% of our earnings to get to work. There is no new world crisis. The middle East is not our only supply of energy. They cant use earthquake, storm,train derailment, oil refinery fire or any other excuse that will ever be good enough or believable enough to the American public. STOP THE GREED!!!! You oil companies whose profits would not be affected. You will still be filthy rich. I am ashamed to call you American
Posted by: Phyllis | February 23, 2012, 7:36 pm 7:36 pm
Bravo Obama! Thanks to you the middle class and the poor will not even be able to get to that low paying part time job you created for them! Or maybe you could sell them one of those $50,000 electric cars that must be recharged every 90 miles or less! Great for road trips if you don’t mind the 6 to 8 hour recharging stops, the kids will love it!
Posted by: BIG JIMMY | February 23, 2012, 8:01 pm 8:01 pm
There goes the $40 bucks.
Posted by: newcountryman | February 23, 2012, 8:44 pm 8:44 pm
I DRIVE TRUCK FOR A LOCAL COMPANY EVERY DAY I SEE THE PRICE OF FUEL GO UP I PUT 70 GALLONS IN THE OTHER DAY IT WAS $290.00 AT 4.04 A GAL. TODAY IT”S 4.21 A GAL. HOW MUCH MORE CAN IT GO BEFORE EVERY THING COMES TO A STOP. IF THIS KEEPS UP PEOPLE ARE NOT GOING TO BE ABLE TO BUY FOOD TO FEED THERE FAMILY”S !!! SOMEONE NEEDS TO PUT A STOP TO THIS……
Posted by: ROB PITTSBURGH | February 23, 2012, 9:30 pm 9:30 pm
I drive 80 miles to and from work. I pay $80 on gas a week. I was almost crying today when I saw
the gas price is today. I can’t pay for TV, am thinking about giving up my computer and my cell phone.The gas prices are just another problem created by wealthy companies to destroy the middle class..ps I am no longer middle class. I never thought these things could happen. We are naive people.
Posted by: Helen | February 23, 2012, 11:02 pm 11:02 pm
On Jan. 26, 2009, a few days after Obama was sworn-in to office, the average price for gas was $1.84 now after 3 years of Obama its now pushing $4.99 in some states like California! – Sorry but this time its not Bush’s fault, as he hasn’t been president for over 3 years! – When will Obama stop blaming everyone but himself for his failed policies!
Posted by: BIG JIMMY | February 23, 2012, 11:21 pm 11:21 pm
I’ve stopped driving anywhere but the grocery store. I can’t afford the price of gas. I keep thinking that we should consider nationalizing the oil companies.
Posted by: whatever | February 24, 2012, 4:17 am 4:17 am
We need to strike, we can do it by not going out as much. They raise the price because we are not doing anything about it, we are walking around in fear. IT’S TIME TO STAND UP AND FIGHT BACK, we need to march. If you ask me all of them lie, it’s time to put all of our trust in GOD, look at what they did in bible and do the same thing. It really works I know. It’s not that I can’t afford to pay, it’s that I refuse to pay. Everyone needs to stop driving and let them know that we are not going to take it any more
Posted by: Reginald Monroe | February 24, 2012, 7:26 am 7:26 am
I’ve stopped driving anywhere but the grocery store. I can’t afford the price of gas. I keep thinking that we should consider nationalizing the oil companies.
POSTED BY: WHATEVER | FEBRUARY 24, 2012, 4:17 AM
The cost of a first run movie is so high that I have not been to one in years. Should we nationalize Hollywood?
The number of drilling permits approved is much lower and the length of time to get a permit approved is much longer than it was under the previous admin. Under the previous admin, when the gas prices spike and Bush approved drilling, the prices dropped very quickly.
Posted by: deanbob | February 24, 2012, 8:43 am 8:43 am
In 2 of the 3 months of the first quarter of 2008 when the gas prices were spiking, there were over 4 times as many stories about the HIGH gas prices as there have been in the first 2 months in 2012. Why is that? At least in 2008, the unemployment was ~5% so the impact of higher gas prices was not as great.
Posted by: deanbob | February 24, 2012, 8:46 am 8:46 am
Curious where is the rest of the article?????
Posted by: Susan | February 24, 2012, 4:26 pm 4:26 pm
YEs I agree that we should strike but unfortunately there are too many who would not participate!
Posted by: Susan | February 24, 2012, 4:28 pm 4:28 pm