With the recent Dow Jones boost, one may assume that our nation’s economic crisis is finally beginning to gain some stability.
Yet, every time we head to the gas pump, we are forced to ask ourselveswhether the stock market surge and minor economic boosts were just teasing our wallets.
Gas prices are increasing a few cents every few days. This increase will inevitably have a ripple effect on our economy. Earlier this year, Shell Oil president Jon Hofmeister predicted that we could soon be facing prices at $5 per gallon. This amount is expected to hit by summertime.
In 2008, gas prices reached the $4 per gallon mark and it is terrifying to think that with these rising costs, just about everything we rely on in everyday life will simultaneously increase.
That is the ripple effect at its best. The price of food will increase.
The amount of diesel it takes to fuel a tractor is unimaginable. Couple tractor fuel with having to haul and distribute these goods all over the country and we will simply be forced to make up the cost elsewhere.
Going to work will be another hassle as your boss will more than likely not be increasing pay rates to compensate for the increasing fuel rates. Travel and vacationing will be much more expensive. The annual vacations and beach getaways so many of us frequent may have to become a memory.
There are always alternatives to dealing with these unfavorable costs that will evidently help with the looming problem that we as a whole country are facing.
One might consider switching to a high mile-per-gallon vehicle. One does not necessarily need to go out and buy a brand new electric powered car, but maybe trade-in or sell the gas guzzler for a more fuel efficient car.
Finding alternate ways to heat homes can help combat climbing fuel prices too. Instead of heating a home with expensive fuel oil, wood-burning or pellet stoves exhort a similar amount of heat at a fraction of the cost.
Food still seems to be the unavoidable element caught among the unwanted climbing costs.
Everyday foods like eggs, milk or vegetables will certainly be found on shelves at a much higher price than before.
Starting a garden can be a reasonable alternative to paying top dollar for fruits and vegetables, though keeping up with the seasons can be time consuming.
Reports claim the prices of grain and dairy products are expected to increase as much as 45 percent this year and although not all foods will keep safe in bulk, many including rice, dried pastas and beans are preservable.
The economy is challenging us in many ways — to cut back on unaffordable oil, to resort to cheap fast foods instead of organic and home-growns, or to rely on resources other than the convenient ones presented to us. But many of us are wondering why here and why now?
Sources claim Pennsylvania will be seeing some of the higher prices. Why not attack bigger, more urbanized places such as New York and California?
Surely prices are facing a substantial increase because of the concept of supply and demand.
While the Middle East, our biggest oil supplier, is not providing us with enough oil to keep up with the demand we are in need of, the only option available is to raise the price and thus the value.The value of oil will increase as many of us will be unable to afford the increased price.
Prices will exceed above our allotted allowance for travel expenses and we will eventually be discouraged to drive. Cutting back on driving will be one way to alleviate the pressure of the rising price.
While the unavoidable climbing costs are rising at unfavorable rates, one must not solely focus on the price of oil, but more importantly the price of living.