The Frustration of High Gas Prices

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As the price of gasoline continues to rise most Americans feel helpless. There really isn’t much the average person can do to fight this situation. Individuals living on a budget and with limited income are forced to make hard choices. Perhaps other bills are paid late, they skip taking needed medication, or spend less at the grocery store. They drive less and only when they have to. Some are even giving up driving. Owners of cars that get good gas mileage are thankful while those with larger, gas guzzling automobiles are finding it difficult to trade. Many people think back to the good ole days when you could fill your car for about a dollar. Some of us are just mad.

Sometimes I wonder what the politicians and those making the important decisions for our country are thinking. Many of us remember waiting in line for hours to fill our tanks during the gas shortage of the seventies. The president promised to deal with the gasoline crisis, just as all the other presidents since then have done. But little has been accomplished. We remain dependent upon Saudi Arabia for the majority of our gasoline needs. They continue to raise the price as their economy continues to grow.

According to a New York Times article published on January 20th this year, the government of Saudi Arabia intends to become a super industrial powerhouse by 2020. These are figures on their economy: the Gross Domestic Product (GDP) has doubled in the last five years, economic growth has been 4 to 6% a year since 2002, profits from oil only makeup 55% of their economy, since 1999 their debt compared to the GDP has dropped from 120% to 20%, in 2007 their budget surplus was $48 billion (five times greater than it was in 2003), and overseas investments by Persian Gulf countries reached a record $75 billion in 2007.

How do these figures compare to our economy? Our hard earned money is going to their country to buy gas that we can not afford, as they country continues to accumulate wealth and our deficit grows larger. Gasoline companies are posting profits yet the corner gas station owner states they have a very small markup on gas. A few things have been done like automobiles with alternative sources of power. We’ve searched for oil in our country but have we exhausted every possibility? Sometimes environmentalists scream and though I understand that, I question the logic behind it. What will it benefit us in the long run if we save a few animals and a few plants but lose everything else?

If our country were an individual we would already be bankrupt. If we were a couple there would be lots of fights over money. When we have an excessive amount of debt eventually the creditors step in and take over. When they see we can no longer manage our finances they take steps to minimize their losses and we are forced to declare bankruptcy. They do not lend us any more money and they do not allow us to continue adding to our debt. Countries are now starting to cut us off.

What can we do about the high gas prices? We can’t refuse to pay but we can make more noise. We need to demand that our politicians pass laws that will force us to find local, cheaper sources of gasoline. We do not need to be dependant upon another country for a product that is critically vital to us as individuals. Driving less and buying smaller automobiles will help. But that’s like putting a band aid on a cancer. You can just live with the price of gasoline or you can make your opinions known. In less than a year we will have new elected officials. This would be a good time to let Washington know we are sick of paying over $100 a barrel for oil.

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Filed Under Automotive, Frugal Living, Lifestyle 

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  1. The 55th Carnival of Money Stories - Tax Day Edition — The Baglady on April 14th, 2008 9:02 pm

    [...] Learn presents The Frustration of High Gas Prices posted at Financial [...]

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