Saturday, December 24, 2011

At pump was the year of the big squeeze 2011

Saturday, December 24, 2011
At pump was the year of the big squeeze 2011

NEW YORK — 30 years since gasoline has such a big bite from budget of families.

If the gifts from Grandma are unloaded and holidays is over, the typical American household is $4.155 a record fills up this year have issued. This is 8.4 per cent of which average family finds in the highest proportion since 1981.

Gas another deplorable record on average more than $3.50 per gallon this year. And next year not likely facilitate to bring.

In the past high gas prices in the United States hand in hand went with good economic times, making them less harmful to family finances. Now, despite slow economic growth and weak demand prices are high.

This is because demand for crude oil rises worldwide, especially in the developing countries of Asia and Latin America. But it puts the squeeze on the United States, where unemployment is high and many people that are jobs not always throws.

The case has caught Michael Reed at Charlotte, n.c. He was unable to find work since he lost his support for computer work in 2009. Now, high gas prices ask about what he has left. He and his wife will not exchange gifts this Christmas.

"I try to take as little as possible so that it not as a piece of my wallet," he says.

1981, As the economy slipped into recession and oil prices were high because of the Middle East turmoil, gas by 8.8 percent, from which says typical family budget Fred Rozell ate from the oil price information service.

In the last decade, gas has recorded 5.7 percent of budget of families. If only 5.7 percent spending families this year, it would have saved $1,300.

Gas should be $3.53 per gallon average for this year. Thats 76 cent more than in the last year. It is 29 cents per gallon more than 2008, if gas most recently record an annual, set $3.24. In the same year the price of oil a record in the summer but reduces the financial crisis in the fall hit.

In addition to families, leaving less money for food and go through to the cinema, tribute high gas prices a disproportionate on consumer confidence. People are better about small changes of in gas prices, because they drive past the signs of all time.

And the money on gas has spent less bang in the economy than, say, a dollar spent at a restaurant. The United States an oil is investing in new companies and jobs importing country, so many of the dollars expended leave the country instead, here gas finally.

James Hamilton, Professor of Economics at the University of California, San Diego, that energy prices studies, estimates that high gasoline prices growth of about 0.5 percent for the year reduced - a major hit for an economy grow only at an annual rate of around 2 percent.

Still, it could be worse. The US economy is much more fuel-saving, as it was during the oil spikes from the late 1970s and early 1980s. In 1980 $1,000 were used for each performance, 1.07 barrels of oil. It took until the year 2010 the - 0.53 barrels, says half, Judith Dwarkin, Chief Energy Economist at ITG investment research.

Today, almost no oil uses the United States to generate electricity. The proportion of households with heating oil fell. And vehicles are less than ever thirsty - 20 percent more fuel efficient than later in the year 1980.

In addition the low price of natural gas has kept low heating and electricity costs for the same households give more money on gas.

Relief from high gas prices is nowhere in sight, though. Ed Morse, head of research were expected $100 a barrel with Citibank, oil next year, on average, that 2011 would eclipse the average of about $95 a barrel.

Tom Kloza, Chief oil analyst at OPIS, expected approach the gasoline prices to $4 per gallon again next spring.

Drivers keep gas guzzlers in the driveway, combine trips and more efficient cars to buy. Compared with the previous year, American gas consumption was that every week more than nine months, according to MasterCard SpendingPulse, a spending survey.

But this helps only so much. Hunter Collins, a software support engineer lives in Richmond, Maine, commute 40 miles each way to his job in Falmouth. He began to work van-pooling if it in turn is to drive more fuel-efficient car with a colleague and his wife.

It is still not enough. He says that he goes to his beloved cylinder Dodge Charger sell. "She's my baby, but I'll have to go to SI"

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