Every $1 jump in gas at the pump takes one percentage point off US GDP

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5/28/11, "Gas tanks are draining family budgets," AP, USA Today

"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."
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"In January 2009, the city average price for one gallon of regular unleaded gasoline was $1.79, according to the BLS."...

2/13/12, "Bumpy Ride Ahead: Gas Prices May Soon Hit $4 a Gallon," ABC News

"Gasoline prices could soon hit $4 a gallon, a threshold they haven't flirted with since last spring...."Every 1 cent increase in gasoline decreases U.S. consumer disposable income by about $600 million per year."

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Ed. note: So every one dollar jump in gas takes one full percentage point out of US GDP. On gas prices alone Obama's tenure has cost the US at least 2 percentage points in GDP.

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