The Rise Of Oil And Gas
The rise of oil and gas over the last decade
While oil companies over price to make record profits, it has hurt our economy. Have you ever wonder why gas prices are so high? Have you ever wonder how much that effects are economy? There are many reasons for this, such as greedy oil companies that are making record profits year by year. Anytime a hurricane reaches the gulf the oil companies see it fit to raise the prices on the fact that a hurricane might hit their oil rigs. Have you ever considered how truckers are affected, or how much it hurts our economy when gas prices are raised for them as well?
How the rise of gas and oil of affected our economy over the last decade. The rise of gas and oil has sent a shock to our economy by creating turmoil in the credit and housing industry. This has been going on for years. Yet most would say that it is getting a lot worse than it has ever been. Jad Mouawad (2008) stated that “the increases could not come at a worse time for the economy. With growth slowing, high energy prices that were once easily absorbed by consumers are now more likely to act as a drag on household budgets, leaving people with less money to spend elsewhere. These costs could exacerbate the nation's economic woes, piling a fresh energy shock on top of the turmoil in credit and housing.” It seems that this is affected are economy for years and it will continue with the rise of gas and oil prices. The price oil affects about everything that is made, transported, eaten or sold in the United States. It makes it more expensive to drive or even to buy an airplane ticket. This would mean as long as gas and oil continue to rise so will everything else. In the Wall Street Journal (2006) it had stated that with the price of oil doubling in the last 3 years, had gone from thirty dollars a barrel all the way to seventy five dollars a barrel. The only other time something like this had happened was in 1990, 1979, and 1974 and they were all followed by a...
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