Fueling the Economy

Paper Summary:

This paper contends that the price of fuel affects every citizen in one way or another, thus, it can have profound consequences on not only the United States, but the global economy as a whole. The paper claims that there is virtually no industry or business that is not affected by the rising oil prices, from consumer goods to tourism to transportation. The paper explains that higher gas prices mean more expensive goods which in turn means consumers will buy less and moreover, they will travel less, thus affecting tourism, such as hotels and restaurants.

From the Paper:

"On April 28, 2005, President George W. Bush expressed concern about the economy due to higher energy prices, and stressed the need to take measure to boost oil output and lower prices (Bush pp). In a primetime press conference, Bush said the small business owners and families are paying higher prices at the gas pump, and that higher gas prices is like a tax and "I do think it's affected the economy" (Bush pp). His comments followed a report that same day from the Commerce Department that stated that the United States "economy grew at an annualized 3.1 percent in the first quarter in terms of real gross domestic product, decelerating from the previous quarter's 3.8 percent and marking the lowest growth in eight quarters" (Bush pp). "

More papers on Fueling the Economy:

• Research Paper # 74411 : "Strategic Role of Transport in the Economy"
• Research Paper # 49091 : "Gasoline Prices and the Economy"
• Cause and Effect Essay # 113225 : "The Economy and the Automotive Industry"

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