26 May '11, 7pm

Gas-price spikes burden the American economy while they benefit oil companies

Gas-price spikes burden the American economy while they benefit oil companies

Cross-posted from the Wonk Room . The struggles of families and businesses over the past seven years are linked directly to high profits for oil companies due to high energy-price volatility. A new report [PDF] from the Center for American Progress (CAP) finds that families and businesses are exposed to massive price swings for the vast majority of their energy spending. CAP Senior Fellow Christian E. Weller and Special Assistant for Economic Policy Jaryn Fields explain that these large price swings for gasoline and other energy prices make it even more difficult for families, businesses, and ultimately the entire American economy to plan for the future : Rising gasoline and energy prices should signal to families, businesses, and government policymakers that it is time to invest in energy efficiency and alternative energy sources. Higher gas and energy prices should lead ...

Full article: http://www.grist.org/oil/2011-05-26-gas-price-spikes-burd...

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