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Economists Warn Rising Gas Prices Threaten Economic Recovery; Time for Senate Dems to Act on House-Passed Energy Bills

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American Government

Economists Warn Rising Gas Prices Threaten Economic Recovery; Time for Senate Dems to Act on House-Passed Energy Bills

Congressman John Boehner
February 24, 2012

Gasoline prices have never been higher this time of the year, the Associated Press reported this weekend. Americans are already feeling the pinch paying higher prices for everything from gas to groceries, and now economists warn that the price spike could jeopardize the already-lagging economic recovery.  Heres more:

[G]as prices are rising at a record pace, crossing the $4-a-gallon threshold in some parts of the country, and threatening to break an all-time high, experts say. [R]ising gas prices could stunt the nations sluggish economic recovery. I think its one of the biggest risks in the outlook, Gary Schlossberg, senior economist at Wells Capital Management in San Francisco, said of rising fuel costs. (Chicago Tribune, 2/21/12)

[S]urging fuel prices are once again looming as a major threat to the financial health of U.S. consumers and the broader economy. Its a big concern because its a big chunk of money, said William Dunkelberg, chief economist for the National Federation of Independent Business, a small-business lobbying group. As he sees it, an increase of $1 a gallon at the pumps means an extra $20 million out of the pockets of consumers and businesses every day. (Los Angeles Times, 2/20/12)

HIGHER GASOLINE PRICES COULD HURT RECOVERY. By summer, some analysts said, you could be paying $4 for a gallon of gas, almost as high as the record set in the summer of 2008. A price that high could cripple the still-fragile recovery, as millions of Americans might decide to spend their just-renewed payroll tax cut on gas instead of a new clothes dryer or TV set. (The Kansas City Star, 2/20/12)

RISING GAS PRICES A BULLET RICOCHETING THROUGHOUT THE ENTIRE ECONOMY. The calendar said Presidents Day, but at the gas pump, it sure felt more like Memorial Day. Prices have never risen this far this fast so early in the year. Gassing up his pickup at the Uni-Martin Susquehanna Twp., Bruce Roberts described rising gas prices as a bullet ricocheting throughout the entire economy. It changes delivery costs, Roberts said, ticking off the impacts. It hits your food costs. All your trucking, they are going to charge more money. It all gets passed on to the consumer, and it’s going to hurt. (The Patriot-News, 2/20/12)

Oil is raising the price of gasoline for American motorists. That could crimp modest growth in the economy. Gas prices are up about 25 cents this year. A 25-cent jump in gasoline prices, if sustained over a year, would cost the U.S. economy about $35 billion. (Associated Press, 2/17/12)

Rising oil prices are emerging once again as a threat to the U.S. economic recovery just as it appears to be gaining momentum. A prolonged increase can drive up inflation and drive down hiring. It has the power to derail an economic recovery thats not looking very strong already, said Paul Dales, an economist for research firm Capital Economics. (The Wall Street Journal, 2/16/12)

President Obama has thwarted more American energy production at every turn from his refusal to back bipartisan, House-passed energy bills to his rejection of the Keystone XL pipeline and now Americans are paying the price every time they fill up. Last week, Republicans passed legislation to increase American energy production, the most recent step in an ongoing effort, the House GOP-led American Energy Initiative, to roll back the Obama Administrations moratorium on American energy. Senate Democrats have refused to act on any of these bills. With gas prices on the rise and Americans struggling, its time for Senate Democrats to quit playing politics and work with Republicans to help address gas prices and create jobs by passing these critical American Energy Initiative bills including approval of the Keystone XL pipeline. Learn more and like the American Energy Initiative on Facebook, and read more about the Republican Plan for Americas Job Creators at jobs.gop.gov.

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