WASHINGTON - High gasoline prices may dent economic growth, but consumers' fuel appetite is still strong. Those trends are likely to persist, experts said, as average nationwide pump prices approach $3 a gallon — a threshold once feared to be disastrous for motorists and potentially the economy. Citigroup Smith Barney senior economist Steven Wieting said the conventional wisdom that $3-a-gallon was some kind of tipping point "has been largely overstated."Largely overstated. Nice. Apparently, conventional wisdom isn't what it used to be. Here in the Garden State, prices are hovering around the $3 mark. We have to drive to work, school or the mall because we are either ignorant of or unwilling to use public transportation, or the public transportation that we have does not take us directly to work, school or the mall, and our fat asses cannot stand the walk. At least one high-thinker has it figured out:
Wal-Mart Stores Inc., the world's largest retailer, blamed disappointing June sales on the fact that its shoppers had less discretionary income because of rising energy prices and interest rates.
No kidding. That's why Wal-Mart is the industry leader, because they can figure out stuff like that. As we saw yesterday, millions of Americans (who just might be Wal-Mart shoppers) haven't had a pay increase since 1997, so where do they think the "discretionary income" is coming from? I use my discretion to pay my mortgage, taxes and utilities. Discretion I have; it's the income that lags.
But the good news...More Holes!
WASHINGTON (Reuters) - The U.S. Senate will vote this month on a bill to open about 8 million acres in the Gulf of Mexico off Florida to oil and natural gas drilling after Republican leaders on Wednesday agreed to bar drilling closer than 125 miles from Florida's coast until 2022.
"Republican leaders" - isn't that an oxymoron? Ya gotta love that Senate with their well-placed priorities. Meanwhile, we provide no incentive for the oil companies to lower the price, so keep driving folks, because the people selling us the oil can plainly see that they have us by the shorties. Three dollars, four ... whatever. They know we need it and we know we need it. The best solution our "leaders" can come up with is to drill holes in anything that isn't a fetus, while Cheney's pals at Halliburton put up record earnings.
This is pathetic.
6 comments:
well, we have no public transportation available to take us to work, so we (like most people) HAVE to continue to buy gas. My next vehicle will be some sort of hybrid though.
Funny thing here - I have driven along the same highway to work for 5 years. I have NEVER been in a traffic jam (unless there is a wreck or construction). The idiots here are WIDENING this highway to 4 lanes to accomodate ?????. There is no need. We could REALLY use a commuter train though. THAT would be a wise way to spend that money, especially with the higher gas prices. But I am thinking the road construction companies are pretty good lobbyists.
And why don't the "republican leaders" do something about the record profits the gas companies are making by raping us??
p.s. i haven't shopped at wal-mart (or sam's or lowe's) in years. if wal-mart is the only place i can get it, well, then i don't need it!
I'm with Pam!! They have us by the ball especially those of us that leave out in the country, becuase public transportion isn't an option for us.
So it comes down to NOT going anywhere unless absolutly neccissary, and when you do have to make that trip, we give up something, like food, to be able to get the gas!! LOL!!
Personally, I've been doing ALOT of my shopping on the internet... Thank God for drugstore.com!!!!
Wow, Kimmyk, do I detect a note of sarcasm?
42: You didn't think the terrorists were doing it for their own entertainment, did ya?
Pam: Maybe they're widening the highway to accomodate the evacuations from the nuclear war that GW has 900 days to start?
Kate: Drugstore.com is great for all those "too embarassing to buy in person" items that i need.
I'm afaid to even ask Anthony.
Oh, you know, Kate ... Number "3" pencils, shower caps, un-scented soap, anti-fungal powder, kegel exercisers ... the usual stuff.
What a great site, how do you build such a cool site, its excellent.
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