Isn't it odd that amid all of the bad economic news in recent weeks, the bright spot has been ... the price of gas?
The cost of a gallon of gasoline has dipped significantly below $3 in Monroe and Green County in recent days. And while that's welcome news for consumers who have been getting hit from seemingly every direction lately, the current respite cannot provide a reason to ignore the calls for change that came when gas was $4 a gallon.
The price of crude oil and the price at the pump for gasoline has had calamitous effects in 2008. The price of a barrel of oil reached an all-time high of $147 a few months ago and crude oil futures jumped 110 percent between August 2007 and July of this year. That sent the price of a gallon of gasoline to skyrocket nationwide, hitting an a high average (according to our weekly Market Basket recordings) of $4.01 in mid-July.
The fast and steady climb of the price at the pumps had adverse effects throughout the economy. People stopped buying less fuel-efficient vehicles, revving up the losses for American automakers and precipitating plant closing announcements in Janesville and across the country. Consumers spent more money on gas, and less money on other goods, leading to what now is most certainly a national recession.
Meanwhile, the irony is that gas prices at the pump didn't rise as much as they could have, or maybe even should have. The cost of a gallon of gas did not rise as much as the price of crude oil. While crude oil was making its 110 percent climb, gas prices rose about 50 percent, according to the Los Angeles Times. And that made for a bad year for refineries and gas station owners, too - people many saw as culprits in this mess.
The calls for change have been many. Automakers must produce more efficient vehicles. Alternative energy must be researched, developed and brought to market, and fast. Consumers must find ways to cut their energy costs, both at home and on the road.
For economic and environmental reasons, all of these calls for change are necessary. And even though most Americans probably can't even fathom the extent of changes necessary to have positive economic and environmental impacts in the long term, we must not lose the sense of urgency we all felt during the summer. We must not become complacent because we no longer go into shock when we look at the prices on gas station signs.
Because gas prices will rise again. And our dependence on foreign oil will continue to have economic and foreign policy ramifications. And our environment isn't getting any cleaner.
The cost of a gallon of gasoline has dipped significantly below $3 in Monroe and Green County in recent days. And while that's welcome news for consumers who have been getting hit from seemingly every direction lately, the current respite cannot provide a reason to ignore the calls for change that came when gas was $4 a gallon.
The price of crude oil and the price at the pump for gasoline has had calamitous effects in 2008. The price of a barrel of oil reached an all-time high of $147 a few months ago and crude oil futures jumped 110 percent between August 2007 and July of this year. That sent the price of a gallon of gasoline to skyrocket nationwide, hitting an a high average (according to our weekly Market Basket recordings) of $4.01 in mid-July.
The fast and steady climb of the price at the pumps had adverse effects throughout the economy. People stopped buying less fuel-efficient vehicles, revving up the losses for American automakers and precipitating plant closing announcements in Janesville and across the country. Consumers spent more money on gas, and less money on other goods, leading to what now is most certainly a national recession.
Meanwhile, the irony is that gas prices at the pump didn't rise as much as they could have, or maybe even should have. The cost of a gallon of gas did not rise as much as the price of crude oil. While crude oil was making its 110 percent climb, gas prices rose about 50 percent, according to the Los Angeles Times. And that made for a bad year for refineries and gas station owners, too - people many saw as culprits in this mess.
The calls for change have been many. Automakers must produce more efficient vehicles. Alternative energy must be researched, developed and brought to market, and fast. Consumers must find ways to cut their energy costs, both at home and on the road.
For economic and environmental reasons, all of these calls for change are necessary. And even though most Americans probably can't even fathom the extent of changes necessary to have positive economic and environmental impacts in the long term, we must not lose the sense of urgency we all felt during the summer. We must not become complacent because we no longer go into shock when we look at the prices on gas station signs.
Because gas prices will rise again. And our dependence on foreign oil will continue to have economic and foreign policy ramifications. And our environment isn't getting any cleaner.
