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Gas Prices-I

07 Apr

Many people complain about the high cost of gasoline but do not realize the full impact that high oil prices have on the economy.  Many companies rely on parts to be shipped to them and most stores have goods shipped to them. Increases in gas prices increases the cost of shipping and raises the cost of goods at the store. In addition, many people commute to work and increased gas costs increases the cost of getting to work. In addition, many homes and businesses heat with oil and the higher cost oil also increases the cost of heating. Yet few people getting raises to cover the higher cost and many people are seeing cuts in hours as businesses try to cut costs. In 1974, I worked for the welfare department (now Job & Family Services). Gas jumped from $.50 a gallon to $1.00 a gallon overnight when the Arab States raised the cost of oil. A 100% increase in cost. We were dependent on them for oil at the time and many companies went out of business and a lot of people were thrown out of work. My caseload increased from 150 cases to 250 cases within a year and I had to take time off my caseload one day a week to do intake on new clients. Though the increase is not as fast today, it is still hurting an economy already hurting due to the poor economic policies of the current administration.

 

 
 

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