Fuel and Economy
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.
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% in the first quarter in terms of real gross domestic product, decelerating from the previous quarter's 3.8% and marking the lowest growth in eight quarters" (Bush pp).
The day before, on April 27, 2005, it was announced that record prices for jet fuel was playing havoc with U.S. airlines, resulting in American, Delta, Continental and Northwest reporting steeper first-quarter losses than a year earlier (Maynard pp). The industry blamed jet fuel prices, the airlines' biggest operating expense, for the decline (Maynard pp). In March, a gallon of jet fuel averaged $1.59, far above the level of $1.25 that companies had forecasted for this year (Maynard pp). Some airlines bought hedging contract to lock in the lower price, "meaning they are bearing the full brunt of higher prices, and as a result, company officials and industry analysts say the "pain will be widespread' (Maynard pp). Gary Kelly, chief executive at Southwest Airlines, one of the few that protected itself against higher fuel prices, says that rising prices "put the whole industry's future in question" (Maynard pp). Even Philip Baggaley, an industry analyst at Standard & Poor's said, "I guess the best description is grim," and companies that are already in bankruptcy proceedings, such as United, U.S. Airways, and ATA, "could be mired there even longer than they have predicted" (Maynard pp). More companies could topple, especially Delta, Northwest, and Independence Air, whose finances...
Economy Based on the information provided by the St. Louis Fed, the GDP indicators for the U.S. are as follows. The real GDP growth is at 3%. The trend for this indicator is upward, as it has increased steadily over the past four quarters. Real GDP growth was on a downward slide for all of 2010, however, bringing it to a very low level at the end of the year, which
In the drive to discover new fuels and cheaper alternatives to driving the fact of the matter is that roads will still have to be maintained, and if the consumer is purchasing less fuel by driving fuel efficient cars, then other taxes will have to be raised or implemented to pay for the roads. A recent study concluded that "more efficient cars and trucks still take up space on the highways
Economy of Colonial America Brief chronology of the initial economic developments of the colonies Jamestown, Virginia colony was first to show signs of economic growth Massachusetts Bay colonists buy corn from Indians Literature generalizations and postulations on economy of colonies Puritanism may have helped shape the capitalistic society to evolve The strength of the British Navy altered colonial approach to economic growth Colonial farmers' efforts were more towards self-sufficiency than wealth Rate of Economic Growth in colonies Colonial economy
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