5/27/11, "Gas tanks are draining family budgets," AP, J. Fahey
"Every 50-cent jump in the cost of gasoline takes $70 billion out of the U.S. economy over the course of a year, Hamilton* says.
- That's about one half of one percent
- of gross domestic product."...
4/28/11, "Economic growth slows as inflation surges," Reuters
"Growth in gross domestic product (GDP) slowed to a 1.8 percent annual rate after a 3.1 percent fourth-quarter pace, the Commerce Department said. Economists
The price of gas has gone up a dollar a gallon in the past year (the above article says it was $2.76/gal. a year ago). If the statistic is accurate, it is public knowledge and Obama and taxpayer funded economists had to know they were driving us into a worse depression. It also means all the 'experts' claiming the economy would recover were lying or are mentally disturbed. ed.
More tax info from GasBuddy.com