Daily Revolt

May 22, 2007

Gas Hits New Record Highs: Disastrous for Economy

Nothing does or will do more damage to the economy than higher oil prices. Not to mention that dependence on foreign has serious national security implications. But Despite skyrocketing oil prices there seems to be little outrage. Politicians are relatively silent on the issue. Why? Something has to be done now, along with the War in Iraq, which also contributed to the rise in oil prices. As for the American people, we keep behaving lambs being led to the slaughter. This holiday weekend we will drive as if nothing were happening:
For the second week in a row, gas prices have reached record highs.

According to the government's weekly survey, the price of the average gallon of regular unleaded gasoline now stands at $3.22. That is 12 cents higher than last week's price.

The highest prices ever:
With this week's increase, the price of gasoline is now 11 percent higher than its level a year ago ($2.89), and matches the highest inflation-adjusted price ever recorded in the United States, which came during the gas crisis back in March 1981. At that time, the price was $1.42, but in 2007 dollars, it becomes $3.22.

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