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Worth the tank?

high-gas-prices-photoHow many times do you fill up your tank of gas? Most American’s fill up their cars at least once a week. Between daily commutes, errands, and vacations we use our cars all the time. A Professor from the University of Southern California has investigated how the price of gas effects our spending habits. In the short run we could:

– eliminate driving vacations

-carpool or ride public transportation

-buy cars with better gas millage

But all of these options are either expensive or inconvenient. That is why we make cuts in other areas:

“In 2007, Wal-Mart estimated that the then current higher gasoline prices take away $7.00 per week from an average family budget. Since then, this figure has certainly increased significantly”.

It is clear that gas prices effect consumer spending. Instead of cutting back on gas consumption, we cut back on eating out, vacations, and entreatment, and shopping:

“Some economists estimate that for every one cent increase in the price of gas, spending in other areas will decline by one billion dollars”.heavy-traffic-i95

Our reliance on gas shows how we narrow minded we are. We are willing to hurt all the other industries just as long as we don’t have to give up driving. Other industries are feeling the effects too. Consumers are noticing higher prices in grocery stores because the goods have to be transported. Warehouse stores or discount retail stores are seeing more action. Consumers want to get all their shopping done at one place for the best price possible. ¬†Gas prices effect everything!

2 comments to Worth the tank?

  • ewelling

    I totally agree with this post, I don’t know how many times I’ve had to decide between spending thirty dollars on gas so i can fill my car back up or saving that thirty dollars so I can go out to dinner and a movie with my friends later that night. I almost always end up choosing to spend my money on filling up my car with gas, I choose to spend my money on gas because it is more of a necessity than going out to dinner and watching a movie at the Cinema; I never think about the negative impact this choice has on other industries. Your post is going to make me think harder next time I am forced to make this kind of decision.

  • collis

    To add an element to this post, this is certainly noticeable in a town like Greenville, where people have to drive almost everywhere rather than having convenient shopping in one area. Especially from Furman’s campus, sometimes student have to drive 20-30 minutes just to get to a certain store. And I’ve certainly noticed prices at stores going up, making Wal-mart an even more tempting option to buy all of my college needs.