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oil prices: Be Thankful Gas Prices Aren't Keeping Pace With Oil Prices - 01/20/08 12:28 PM

On average, Americans are now paying more than $3.00 per gallon for gasoline.  This is roughly 40 percent higher than the cost of gasoline last January when gas hovered near $2.15 per gallon.
Higher gas prices are one reason why the economy is slowing down.  With so many additional dollars being spent at the pump, there's less money for discretionary items.
But, it could be worse.
The 5-year chart above shows how gas prices are failing to keep pace with rising oil costs.  From 2003-2005, the correlation was fairly strong; starting in mid-2007, it's been fairly weak.
If gas prices had … (1 comments)

oil prices: $100 Oil Could Mean More Than High Gas Prices For Americans - 01/03/08 02:06 PM
The price of oil briefly touched $100 per barrel yesterday, just short of the all-time inflation-adjusted high of $102.81 in April 1980.
According to economic forecasting firm Global Insight, each $10-per-barrel increase in oil prices:
Increases gas prices by 19 per gallon Cuts consumer spending by one-third of a percent Reduces employment by 100,000 Adds one-half percent to consumer prices And, because oil prices have nearly doubled from the $51/barrel levels of January 2007, the above figures calculate out to:
$0.95 more per gallon in 2007 because of oil prices 1.67% cut to consumer spending in 2007 because of oil prices … (3 comments)

 
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