Economic Impact of High Gas Prices

Title: Economic Impact of High Gas Prices
Category: Literature / English | Words: 419 | Pages: 1.8 (approximately 235 words/page)

Economic Impact of High Gas Prices

Gas prices are up over 40 cents a gallon from this time last year (Stefanova). What impacts will that have on the overall economy? A recent USA Today poll showed that 55 percent of people who make under ,000 a year consider gas hikes a “financial hardship.” Only 30 percent of people who make ,000 a year called the increases a hardship (Regan). If the recent gas price increases reflect the state of the economy in the late 1970’s, with …showed first 75 words of 419 total…

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…showed last 75 words of 419 total…Al Gore negotiated a global warming treaty in Kyoto, Japan that would require the U.S. to cut its greenhouse emission to 7 percent below 1990 levels by 2012. Since emissions are about 10 percent higher than they were in 1990, compliance with the Kyoto agreement would require massive reductions in fuel usage. If this becomes law the result would be astronomical gas prices (Sanders). These high prices can lead to inflation and inflation results in slow economic growth (Price).

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