Every $0.01 Increase = $1.42 Billion more a year for Gas
Source: NY Times
“Every one-cent increase in gasoline prices means Americans pay $1.42 billion more a year for gas, according to Stephen P. Brown, an economist at the Federal Reserve Bank of Dallas. Nearly two-thirds of that goes to foreign producers.â€
“For many people, higher energy costs mean fewer restaurant meals, deferred weekend outings with the kids, less air travel and more time closer to home. Big box retailers are suffering as customers balk at driving to the mall, airlines have slapped on steep fuel surcharges and carmakers have seen their sales slump. On Thursday, the Ford Motor Company announced production cuts because of sharply lower demand for sport-utility vehicles and pickups.â€
A lot of other parts of the article mention how people need and are beginning to change their fuel habits.
Hat Tip: “Anonymous” FuelClinic Operative
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