Gas prices are once again dominating the national debate.And how convenient that this story hits right in the middle of Obama's national "gas prices are not my fault" tour in which he'll today try to take credit for a pipeline that he had nothing to do with and that never needed his approval.
But despite rhetoric, high gas prices aren't hurting as much as they used to.
In 1981, when oil prices spiked following the Iranian Revolution, gasoline represented nearly 5% of the nation's spending, according to the Bureau of Economic Analysis. In 2011, only 3.7% of spending went to gas, even though prices averaged at their highest level ever that year.
In addition to spending less, we're driving more than ever -- 90% more than compared to the early '80s, according to the Federal Highway Administration.
This isn't to say high gas prices don't hurt -- they do, especially for people living paycheck-to-paycheck or those that drive a lot.
But for the average American household, which has an income of over $62,000 a year, the increase in gas prices represents a relatively small portion of total spending.
Never ever doubt that the media is complicit with the Obama administration in attempting to fool the voters.
Posts
2 comments:
The article mentions 'gas prices' over and over, but not 'fuel prices' which completely ignores the ripple effect rising fuel prices create. Everything from airfares, food and shipping increases in cost to the customer with higher fuel costs.
Also, using Bureau of Labor Statistics as their main source -as though they're a neutral observer to their boss's incompetence -is absurd.
The sad part is that many don't realize that this is all on purpose.
Even a dog knows the difference between being tripped over, and being kicked.
CNN just LOVES being a tool for The Won.
Post a Comment