Coping With Gas Prices
Looks like people are finally starting to change their ways a bit. Hope this trend spurs more bike riding/development of public transportation/new green energy technology. There's no reason with America's resources we can't become the global leader of these things...
Friday, May 23, 2008
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All this has led to a massive transfer of wealth from American drivers to domestic and foreign oil producers. Every one-cent increase in gasoline prices means Americans pay $1.42 billion more a year for gas, according to Stephen P. Brown, an economist at the Federal Reserve Bank of Dallas. Nearly two-thirds of that goes to foreign producers.
I wonder what the long-term implications of this are.
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