Written by Karl Belin Tuesday, 15 July 2008 14:47
Written by Shane Jones Thursday, 10 July 2008 16:22
The rising cost of oil, and gasoline in particular, is having an effect on everything, further stretching the limits of our already strained wallets. From simply getting to and from work every day, to the cost of food which is also soaring due to increased transportation costs.
Oil prices are six times higher now than in 2002 and are up 40 percent since January. Gasoline prices are up almost $1 from a year ago. The average price at the pump, as tracked by the Energy Information Administration, has risen above $4 a gallon. Prices in California averaged $4.43 a gallon. And the trend is for price climbs to continue. Jet fuel has risen 66 percent in a year and several carriers have already gone bust. American Airlines is now passing on more costs to passengers while cutting jobs and routes.