The Impact of High Oil Prices

The Impact of High Oil Prices Black Gold. Texas Tea. Whatever you call it, crude oil is a sought-after resource that drives the world economy. Find out how oil prices affect the U.S. economy and who's hurt the most. How Bad Is The Problem? Americans spend $4200 on transportation per year, which is more than clothing, healthcare and entertainment combined 10 of the last II recessions followed spikes in oil prices US Annual Net Outflow for Foreign Oil: $330 billion Half the total cost of the Iraq War which is equivalent to. Exporting 3 million jobs which, if they stayed in the US, would create. ȘI trillion in new economic wealth OE DOLLAR 2.4% annual growth in GDP which is equal to. 2012 Is Projected To Be The Worst Year Ever For Gas Prices 2011 gas price average: $3.513 most expensive ever 72 cents per gallon higher than 2010 average Prediction: by Memorial Day 2012 $3.86- $4.13 average If relations with Iran worsen barrel prices could soar to $175 - $200 per barrel Higher oil prices greatly affect middle- and lower-income Americans, who: Pay a larger percentage of their income on fuel Often spend more on gasoline because they have longer commutes to work for every $I increase in the price of I barrel of oil C-17 transport aircraft: 3,000 gallons of fuel/hour The U.S. Navy spends $31 million more PROVIDED BY: FuelFreedom.org http://www.ela.gov/totalenergy/datalannual/pdf/secs_18pdf http://abcnews.go.com/blogs/business/2012/01/forecast-2012-worst-year-for-gas-prices/ http://www.innovationnewsdaily.com/85-arpae-oil-costs-defense-dollars-liveshtmi.htmi Other Sources: uS. Department of Labor, Bureau of Labor Statistics US. Department of Commerce, Economics and Statistics Administration US. Department engy Information the Handbook of Major Events in Administation James Hamilton," Economic History Fuel Freedom.