What Are You Now Paying for Gas...
...and what were you paying just 30 days ago? Please tell us in which state you currently purchase gas! And what you and your family will have to cut back on to make penny's stretch.
For me, in Southern California, we are now paying $3.99 a gallon, whereas a month ago, it was $3.39 a gallon. That is a whopping sixty cent increase in 30 days, or an increase of two cents a day.
And the local restaurants (in my area) wonder why less people are eating out? I can tell them that it is partially due to the sixty cents a gallon rise in the cost of gas.
Before I retired, I averaged 40 gallons a week of gas to commute. If you multiply that times the sixty cents increase per gallon of gas, you can see why at least one fast-food meal for a family of four a Micky Ds is no longer a wise expenditure.
If the price goes up to the $5.00 range, in contrast to what I paid last month, even at 20 gallons of gas every other week, it means I must eliminate one sit-down meal (for my wife and I) or one fast food meal (for two) every week to compensate for the increase.
And I can't afford to trade in my payment free car for something smaller, because I can't afford a monthly payment!
Higher gas prices may be a mere drop in the bucket for the rich and famous (including Leno and Bill Maher who discussed how they were not in the catagorey of the 1% in this country), but for us average folk, and the majority of us retirees (accept those pulling down six figure incomes on retirement), it is a true hardship, and cuts in other areas of spending have to be made, which (like a ripple on a pond when a rock is skipped across its surface) has a trickle-down effect on other businesses and those they employ.
One last question to ponder: Will this current rise in gas prices bring an end to the recovery in this nation's economy, and more importantly, will it result in another recession?