Monday, June 9, 2008

Ever Rising Gas Prices

As most people know, gas prices are at an all time high and there are not many signs of these prices decreasing significantly for a while. As we creep into the hot summer days there have been predictions of future increases in gas prices. Reaching these unbearable prices makes some remember the good old days when it was only $15 to fill up your car.
As noted today in the article Gas Prices Continue Record Climb, the average price for regular-unleaded gasoline is $4.02 per gallon. Economists are afraid that with these ever increasing gasoline prices consumers will be forced to cut cost elsewhere which will have a negative effect on the economy. Economists also fear that if gas prices stay high and consumers cut back on energy use the prices for energy will rise as well as a result. Both of these factors play into the "supply-and-demand" issue.
This seems to be a way of life. Those people incharge of selling the oil recognize the demand for this product in the U.S. and see how easy it would be to make money off of it reguardless of what it may do to the economy. In the U.S. driving a car is a necessity for most people. Others have decided to do their part to help keep the environment clean, meanwhile avoiding these rising gasoline costs.
What will it take for gas prices to drop? Will people have to stop driving to work eventually? Will the supply and demand factor for bicycles when gas reaches outlandish prices rise too? Will people keep spending hard earned money to fill up their cars instead of spending money elsewhere? For the sake of the U.S. citizens, let's hope not!

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