Americans Spend $20 Billion Extra On Gas So Far In 2007

Illustration for article titled Americans Spend $20 Billion Extra On Gas So Far In 2007

Per vehicle, Americans are spending $146 more on fuel this year than last. And it is not even June yet. If prices stabilize we are talking more than $300 additional by year's end. Hey, that's basically the same as Bush's tax cut from a few years back. Just sayin'. The bad news is that prices are going to go up come mid-summer. Meaning that figure might be an extra $400 – or worse. Luckily, the Federal Trade Commission is all over it. You will be happy to know that even though the GAO reported to Congress yesterday that, "Spending billions more on gasoline constrains consumers' budgets, leaving less money available for other purchases," Federal Trade Commission member William Kovacic reports that price spikes, "typically have a business-related cause." Whew. We were worried there for a second. For their part the oil companies want you to know that, "more than 30 prior government investigations into alleged gasoline profiteering has proven the industry did nothing illegal." You heard 'em, boys. Nothing to see here.

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Gas price hikes' cost: $146 a car so far this year [via msnbc.com]

Related:
Guess What Yesterday Was? Record High Gas Prices Day! [Internal]

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DISCUSSION

awesomist-vi-old
Awesomist VI

@jonnylieberman: Actually my whole point, going back to the first post, is that this market can obviously absorb higher prices, as there haven't been any adverse effects on the economy (quite the opposite). But if the government felt that they HAD to do something at some point, the first thing they should do is cut taxes rather than institute price controls, as some people are already suggesting.

And to your other point about 'how do you sleep at night' for buying oil company stock; thats just crazy. One of the truly great things about an open economy is the public can share a stake in the success of a company. Would it be better if the government controlled the oil companies?