Consumer Confidence Plunges Amid Rising Gas Prices

[RamboLiberal]

Source: Washington Post

Consumer confidence plunged this week, reversing its gains for the year amid rising gas prices, a volatile stock market and fresh signs of inflation.

In its biggest one-week drop in more than three years, The Washington Post-ABC News Consumer Comfort Index (CCI) is down seven points to -5 on its scale of -100 to +100. The index has fallen this precipitously in a week only three other times in the more than 20-year history of the poll.

Only a week ago, The Post-ABC CCI had edged up to +2, a five-year high, after starting the year at -5, exactly where it is today. Now, the gains for the year have been reversed under the cumulative weight of higher pump prices, uneasiness on Wall Street and indicators of inflationary pressures for both consumers and businesses.

Since late January, the national average price for a gallon of gasoline is up 41 cents, to $2.58, according to the Department of Energy. That is the highest level for gas prices in more than six months. And last week, the Department of Labor reported that consumer prices in February rose faster than Wall Street expectations, mirroring its latest data on wholesale prices.



Read more: http://www.washingtonpost.com/wp-dyn/content/article/2007/03/20/AR2007032000955.html

[AndyA]

1. Gas was what? $1.46/gallon when * took office?

And he was saying Clinton should do something about it.

Practice what you preach, *.

[Roland99]

16. That's what my bumper sticker says

:)

[MLFerrell]

2. I'm surprised that the spike took this long...

I figured that Big Oil would have spanked their "children" for daring to defy the will of their corporate parents before now. Though under *'s Congress, it was only more of the same... No strike that. Fucking gas was never ~$3.00 / gal prior to this ignoble bastard's tenure.

I'm 25. When I was sixteen living in the Mid-Atlantic / Upper Mid-West, gasoline, for a brief time, was eighty cents per gallon.

Yeah. Remember? Late Clin-ton years? $1 gas? Ah, those heady days that we ALL took for granted... May we enjoy such prosperity once again... Yet I fear that we shall not. I know in my heart that the American dream of my fathers and forefathers has been utterly slain by * and his cohorts. Let us weep for what we have lost, and resolve that this, ALL OF THIS, shall never again happen, at least not here.

[fidgeting wildly]

9. I remember that.

I'm 27 and gas was $.85/gal. when I got my first car. Sometimes I wonder if I imagined that. Doesn't seem possible now.

Republicans have conveniently horrible memories. They don't remember peace, prosperity, and cheap gas, things that actually impacted our lives in the nineties. They only remember blow jobs.

[CountAllVotes]

3. It was $3.33 in town today

and there weren't many cars on the road either and no one at the pumps filling up either I noticed.

Maybe people are hoping the price will drop? :shrug:

This is affecting everyone everywhere. Food prices are going up up up because the cost of shipping alone has a huge effect on them.

I wonder how much higher it will go?

All I can say is this: I feel really sorry for those that must commute to jobs far away and earn little in wages (common here). It is this group that is being hit the hardest. Pretty soon it simply becomes "not worth it" to do some ultra-low wage jobs around here or driving a gas guzzler that gets 10 mpg and you have a 100 mile a day commute for a two-bit minimum wage job with NO benefits. :(

What a sad world we are living in. Thanks a lot for nothing *.

[vietnam_war_vet]

6. You said: "I wonder how much higher it will go?"

For quite some time now, I've been telling my wife and friends that I wouldn't be surprised to see a national average of plus $3 per gallon by Memorial Day.

Just today here in Las Cruces, the majority of the stations jumped 10 cents, from 2.49 to 2.59.

As far as Big Oil and their political friends in the Bush administration are concerned, profit, profit, and yet more profit is their sole agenda. The American driving public can just assume "the position" by grabbing their ankles....yet again.

My wife is seriously considering buying a bicycle....her campus office is just 2 miles from our home. -- Michael

[AnneD]

8. I am sure it will be ....

at least $3 by Memorial Day, and hang on to your butts if we have an active hurricane season like I think we will.

Say a shout out to ya Michael. I use to live in Cloudcroft but would frequently go to Cruces for the weekend to do major shopping and instrument repair (oboe-for daughter). I had to return to Houston for marriage and financial reasons....But my heart remains in that area of the world. You can get around well on a bike in Cruces. At least you have that option. We walked etc. all around Cloudcroft and carpooled to Alamo. We figured it was cheaper to spent a shopping/stockup weekend every now and again in Cruses.

[vietnam_war_vet]

13. A shout right back at you, AnneD

We frequently take our two English Mastiffs up to the Cloudcroft area, especially to escape the Las Cruces summer heat and then in the winter so our two long-legged "furkids" can romp and play in the deep powder snow. We also love to drive over to Sunspot and Apache Point (less folks there in the winter months so our Mastiffs can really stretch out their legs in the snow).

Kat is a tenured professor at the university with her expertise in deaf education and audiology. She also teaches special education courses. I instruct aquatic therapy and exercise classes at a physical therapy clinic. Gracias for the shout.....Michael

[AnneD]

17. Please...

PM me. I am a School Nurse at an elementary school and work prn at various hospitals...You are my kinda people. Love mastiffs too, they look bad but they are such teddy bears.

Deaf and special ed.....cool. I am in the thick of that too. I know a little sign but always wanted to learn more. E-mail if you want-I have so much in common with the both of you. It was sure nice to meet some one from my fav corner of the world.

If you ever plan on coming down here-let me know. We are a way station of sorts for our Cloudcroft friends.

[vietnam_war_vet]

18. "You don't have enough posts to send private messages."

Anne, that's the message I received when I tried to PM you. :-(

I'm adding you to my forum "buddy list" -- will that allow you to PM moi?

Any other suggestions? Gracias....Michael

[vietnam_war_vet]

19. "You must be a donor to use the buddy list."

Strike two? This is what I got when I tried to add you to my buddy list.

Grrr-rrrrrrrrrrrr -- Michael

[AnneD]

21. When all else fails.......

reach me at [e-mail]. Look forward to catching up on the latest.....

[AnneD]

20. Bummer,

I tried to e-mail you earlier-I'll try again.

[CountAllVotes]

10. I wish I could do the bicycle thing

maybe an electric scooter? Some of them go as fast as 4 mph I think.

I don't drive much myself (a tank of gas lasts me for about 3 months). However, if it climbs to $4 or $5 a gallon we'll be seeing the likes of a DEPRESSION soon, not a recession. :(

[primavera]

22. A scooter will get you there

I got a Vespa when I was living in DC to combat more the high cost of parking than the high cost of fuel, but the 75 mpg it gets comes in very handy when gas prices spike. It'll go 70 mph and even seats two.

[AnneD]

23. When it comes to scooters, there are 2 kinds of folks

those that have had accidents, and those that haven't had accidents.....yet.

[primavera]

24. That can be said for all vehicles

A scooter's just a vehicle like any other: you drive recklessly, you're going to get into an accident; you drive carefully and defensively, you'll probably be just fine.

[AnneD]

25. Sorry to still disagree but...

your odds of extensive injuries are less likely when one is surrounded and encase in metal. Sorry, I don't buy that excuse at all-I've driven bicycles and motorcycles (and they are fun mind you). But, it makes no difference how defensive you are...two objects cannot occupy the same space in time and the lessor mass yields to the greater mass. When you drive a cycle...it is just a matter of time. And know, you won't be fine if you are the lessor mass.

[primavera]

26. Severity of injury is a different matter

Obviously, if you do get into an accident on a scooter or bicyle or motorcycle, the resultant injuries will be more severe as you lack the protection of a car. But we weren't talking about the severity of injuries one receives in an accident, but rather the probability of getting into an accident in the first place. You had suggested that experiencing an accident on a scooter was an inevitability, that it was only a matter of time before it happened. And I am responding to that point by saying that I do not believe that the chance of having an accident is appreciably greater in one vehicle over another another, that one is just as likely or unlikely to go through one's entire life and never experience an accident on a scooter as one is in a car. If I should get into an accident, though, then you would of course be right: on a scooter, my ass will be grass. Which is why I drive very, very carefully and, knock on wood, have never had an accident.

[niallmac]

4. This map would suggest California gets special attention

from the republican oil big oil boys.

http://www.gasbuddy.com/gb_gastemperaturemap.aspx


edit for spelling.

[fed-up]

5. it says CA is $2.99-3.09-guess they missed the last increase-over 3.11-business

is down for the last few weeks for my boyfriend at the farmer's market

people are really starting to pinch pennies

to know that people are spending food money on GAS so that oil companies can post record profits is disgusting

[kineneb]

11. just paid $3.13

I ask the eternal question: if oil prices are going down, then why are gas prices going up? And yes, we are in California.

[tom_paine]

14. Of course they do. Always have. Enron was about DESTROYING CA

and Grey Davis...in that order.

Busheviks are very keen about destroying something so they can posess that chaotic ashes.

Look at what they have done to Iraq and how much they have Third-World-ized our own nation at the executive branch/level.

[Javaman]

7. Boiling the frog. they just turned the temp up to 5. nt

[lpbk2713]

12. Credit card debt is at an all time high.

And mortgage foreclosures are going sky high.

And there's no light at the end of the tunnel.

Now what's this shit the RWers have been saying about how the economy is just doing so great? BushCo has bankrupted us with their party-hearty economics.

[4dsc]

15. did everyone miss the memo??`

The era of cheap oil is OVER!! Get use to high energy prices for its not going away any time in our future! So many people are still in denial..

But I have a great idea, why don't we, as a nation, conserve.. Remember when conservation was the "in thing" to do?? Then Ronnie Raygun was elected and its been downhill ever since..