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Economic Impact on Gas Prices Gas prices are up over 40 cents a gallon from this time last year What impact will that have on the overall economy A recent USA Today poll showed that 55 percent of people who make under 20000 a year consider gas hikes a financial hardship Only 30 percent of people who make 50000 a year called the increases a hardship If the recent gas price increases reflect the state of the economy in the late 1970s with lines at the pump and inflation do not worry too much The United States is not as dependent on crude oil as it used to be in the 1970s As a result the United States will not face such an economic shock as it did when gas prices skyrocketed in the late 1970s In the 1970s energy accounted for 87 percent of every dollar in the gross domestic product compared to 3 percent today But just because the United States lost some of its dependence on crude oil does not mean that higher prices at the pump will not affect the country The country is at an economic low and high gasoline prices can dampen these boom times Consumers pay more at the grocery store the hardware store and the taxi to get where they need to go A certain taxi company in Texarkana Ark has not increased taxi fares in 13 years but that will now change because of the huge dent in company profit Taxicab companies with approval will start implementing a 1 surcharge to cover the abnormal gas prices Airline industries are also implementing a 20 surcharge because of the artificially high fuel prices Shipping companies are charging retail companies more for the shipping As a result the increased costs are passed on to the consumer
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