Showing posts with label gas prices. Show all posts
Showing posts with label gas prices. Show all posts

Friday, April 29, 2011

More on inflation: Gas

24/7 Wall Street listed the 10 states where people can't afford gas. They looked at average price of gas, median income, unemployment, and poverty levels.
As someone who rides a bicycle, I gotta admit that I can't really afford gas either.
Gas prices cause people to postpone vacations and defer daily expenses. Construction companies will suspend some of their activities. Businesses that deliver goods to homes or other businesses will try to raise their prices to offset their costs of transportation. Some of the states on this list barely made it out of the recession, if they did at all. Some still have double digit unemployment and high poverty levels. The sharp rise in gas prices becomes more severe each day. This is something that a portion of the population simply cannot afford.

Thursday, April 21, 2011

Chinese police beat striking truckers

(Reuters) - A two-day strike over rising fuel prices turned violent in Shanghai on Thursday as thousands of truck drivers clashed with police, drivers said, in the latest example of simmering discontent over inflation.

About 2,000 truck drivers battled baton-wielding police at an intersection near Waigaoqiao port, Shanghai's biggest, two drivers who were at the protest told Reuters.

The drivers, who blocked roads with their trucks, had stopped work on Wednesday demanding the government do something about rising fuel costs, workers said.

Obama Announces Gas Price Task Force

"We're gonna make sure that no one is taking advantage of American consumers."
-Obama



Lol.
Too bad the task force won't have any authority over the Saudis.
This from the Wall Street Journal:
Unreliable data on oil production—starting with the world's largest exporter, Saudi Arabia—are adding to the price volatility triggered by unrest in the Mideast, despite efforts to improve transparency.
Saudi Arabia said on Sunday that its production had been at least 700,000 barrels a day lower in March than existing estimates, including those published by the Organization of Petroleum Exporting Countries. The surprise news pushed the price of oil down by more than $1 per barrel Monday morning.
The revelation highlighted a problem that is roiling markets at the moment: a dearth of solid information about the true state of production and supplies.
"Markets are fueled by a lack of reliable information," said John Hall, a London-based oil consultant. "Nobody knows if we are short of oil."