Rising Cost of Gas And Oil Prices :: Economics

Not only have gas and oil prices changed but they have made everything else go up in price. The cost of living and the way that people are living is effected by these rising costs. In this paper I will discuss the different ways that these prices are affecting everyday life. The way that everyone has changed things in there life would be transportation and business costs. Gas Prices have changed a lot over the years and it seems to be increasing in cost and that it is not going to change. According to Foreman (2008), in 1981 the cost per gallon was $1.35 and now the cost is between $2.84 to $3.23 . Some of the reasons that the cost of gas is going up is because of the rising cost of oil. Gas prices are affecting people in there everyday lives with driving, living expenses, and with the cost of their living. Families are having to set a budget for there fuel and are having to not drive as much. Oil Prices are at there highest points and the repercussion of this is the cost of gas and the cost of living. The cost per barrel is going up, at that point the cost of fuel goes up as well as everyday costs. The cost per barrel is â€Å"$91.77 to $ 100.09 ( Oil prices rise back above $91 a barrel, 2008)† , this year alone and only seems to be getting worse. The war has helped to make the cost of oil go up, because we are at war with Iraq and that is where we get our oil. There is a shortness of oil and with this the cost of oil will go up, so will the cost of living, and the cost of fuel. Across the United States individuals are feeling the high prices of gas and oil prices. These prices are starting to hurt our economy because people are not being able to travel as much as they used to be able to. Families are feeling the hurt when they do travel because when people go to go camping with there children it costs more in food then they had in there budget and same with fuel.