The USA consumes 400 million gallons of gasoline every day. This
with the burgeoning demand from developing nations such as China for gas, has
pushed gas prices to record highs, and having an all-pervasive and on-balance a
damaging effect on the US economy.
Gas prices in the USA/Canada often vary significantly between
gas stations and supermarket gas pumps. In many areas, gas prices can vary by
20-30 cents per gallon or maybe at times even more within a small area. This
makes that most motorists in the USA/Canada are shopping around to find the
best deals on gas, but are still paying a lot more for it.
High gas prices make people stop and think about their commute.
This will affect the US economy by reducing value of properties in outer
commuting zones around the cities, and depress rural property values.
Analysts were predicting a gallon of regular to climb as high as
$4.50 a gallon in California by Easter 2011. But these same analysts are saying
that if you think gasoline is expensive now, just wait until next year! A
combination of growing global-demand and rising U.S. fuel exports could send
gasoline prices to further record highs in 2012, analysts say.
The effects of such big cost hikes will reduce available spending
money for all those on average wages and below who need to travel significant
distances in their cars, and this will further depress the US economy when this
cash gets diverted away from a myriad of local spending decisions affecting
local businesses from restaurants to children’s shoe shops.
Cars now are more fuel-efficient than they were in the 90s, so
car owners can reduce your spending on gas by choosing fuel efficient vehicles.
This is making US car manufacturers and car importers develop and extend their
low fuel vehicle ranges. But, US car manufacturers have been slower than
others, such as the Japanese marques, to develop some of the most innovatory
fuel efficient vehicles such as the hybrid engine vehicles. This will tend to
raise car imports to the detriment of the US economy until the US manufacturers
catch-up.
It is not all bad news though. Companies that own oilfield
reserves will be seeing the value of their resources growing, and businesses
that are connected with the renewable energy market are growing rapidly right
across the range of renewable energy sources from wind, to thermal energy, and
of course that most popular of renewable sources which is solar. Renewable
energy companies are growing fast and employing increased numbers of staff.
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