Have gas prices reached its peak? Gas prices have it an all time high, closing at $135.00 a barrel. According to analysts, oil prices could go as high as $200.00 a barrel by the end of the year. Consumers are paying an average price of $3.80 U.S. a gallon and the consensus is they are feeling gouged by the big oil companies. This is causing a domino effect as prices for commodities are on the rise to keep up with the rising tide at the pumps.
For those who own an SUV or other sports utility vehicle, filling their tanks could almost be equal to a mortgage payment. The ripple effect is being felt all over. Airlines are adding extra fees to offset the high cost of fuel. Ford announced they will be cutting down on production for the last half of the year on SUVs and trucks and this in turn will affect jobs.
Consumers are just told to grin and bear it and the government can do little to help out the situation.
While we are all feeling the pinch, we must do what we can to keep the economy stimulated. Ignore all the doom and gloom scenarios which do nothing more then put fear into the consumer. Take that trip you were planning, buy the new car you wanted. If we all do our part and not give into the fear mongering, we can all get through this together. Just keep saying to yourself “I hear the is a recession, however I choose not to participate in it.”
