U.S. Economy Is Better Prepared for Rising Gas Costs (gas prices, middle east)

[Wonderful Jellal]

Gasoline prices have risen by nearly a third in the last year, and oil costs more than $100 a barrel for the first time in more than two years, driven by fears of extended Middle East supply disruptions and increased demand from an improving global economy.
While the latest surge in energy prices is likely to cause some pain and slow the recovery from the recession, economists say the spike is unlikely to derail the rebound unless prices rise a lot further.
One big reason is that consumers and businesses have learned lessons from the last oil shock. Many drivers, for example, have given up their gas-guzzling sport utility vehicles. Automakers, which are selling more fuel-efficient cars than five years ago, reported higher sales in February even as gas prices rose.



http://www.nytimes.com/2011/03/09/bu...?_r=1&src=recg

[RCCCB]

Originally Posted by Wonderful Jellal

Gasoline prices have risen by nearly a third in the last year, and oil costs more than $100 a barrel for the first time in more than two years, driven by fears of extended Middle East supply disruptions and increased demand from an improving global economy.
While the latest surge in energy prices is likely to cause some pain and slow the recovery from the recession, economists say the spike is unlikely to derail the rebound unless prices rise a lot further.
One big reason is that consumers and businesses have learned lessons from the last oil shock. Many drivers, for example, have given up their gas-guzzling sport utility vehicles. Automakers, which are selling more fuel-efficient cars than five years ago, reported higher sales in February even as gas prices rose.



http://www.nytimes.com/2011/03/09/bu...?_r=1&src=recg

We were burned before so we should now know better?
That is what we are to believe instead of being pissed off Obama hasn't allowed anyone to drill anywhere around the USA?
What a hoax.

[Wonderful Jellal]

Originally Posted by RCCCB

We were burned before so we should now know better?
That is what we are to believe instead of being pissed off Obama hasn't allowed anyone to drill anywhere around the USA?
What a hoax.

Yeah they're right.In 2008 it was unexpected, the US knows what to do now, people and businesses too.

[newonecoming2]

It is still going to cause an economic contraction. From where we are now it isn't going to be nice at all.

Remember 2008? The price hike then made the popping bubble so much worse. It should happen again. The money spent on higher fuel prices is leaving the economy. It will hurt us. People wont do as much and that is a big problem. People need to be doing more for the economy to pick up. Doing less causes the economy to contract. It doesn't matter what you do as long as you do something.

[SoCalCroozer]

Haha yeah right! Are you serious? There are more huge, gas guzzling SUV's on the market and on the road than ever before. And guess what...........most are even worse as far as MPG's because of all the emission crap they put on them. Yeah that's right they are WORSE than a few years ago. And of course people are resillient, they just put the increasing costs on a credit card. that's why debt is sky rocketing. LMAO!