$4 Gas and A Financial Mess

Whether you’re fearing for your job, or watching your retirement account get smaller with each passing day, you’ve been affected to some degree by the dramatic downturn in the U.S. economy.  You’re probably spending less money, and making an extra effort to make sure that the money you do spend goes a lot further.

Without a doubt, times are pretty tough.

Now, just imagine what it would be like if $4 gas came back and compounded the economic problems.  Would you be able to make it financially?

According to a recent poll on Daily Fuel Economy Tip, nearly three out of every 10 people would experience a severe financial hardship if gasoline prices were to return to $4 per gallon.

Here’s how nearly two-hundred people responded when asked: “Would you be able to survive financially if gas hit $4/gallon this summer?”:

  • 53% said Yes, but it would be tight.
  • 29% said No, it would push my finances over the edge.
  • 8% said Yes, no problems.
  • 8% said My finances are already in ruin.
  • 2% said Unsure

Given the current state of the economy and especially the declining job market, I can only imagine the the impact of higher gas prices will only get worse as time goes on.

Ironically, the awful economy may be one of the few things helping to keep gas prices at a “reasonable” level.  As long as the world-wide demand for oil and gasoline is slowed by declining economies, there shold be somewhat of a cap on how high gasoline prices can go.

For the time being, we should be relatively safe from the record high gas prices we experienced last summer, however, I can’t imagine $2.50 or $3.00 gas will be looked at as much of a blessing.

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