Skip to comments.Gasoline Is Saving The Economy
Posted on 05/03/2013 1:40:19 PM PDT by blam
Gasoline Is Saving The Economy
May 3, 2013
Today's jobs report was a big sigh of relief.
Unemployment fell. Retail jobs were added in solid numbers, and there were big upward revisions to March and February numbers.
America seems to be avoiding recession, even with the hit from the sequester.
So how are things chugging along? Part of it may be expansive monetary policy, but there's another factor that's starting to turn bullish for the consumer: Gas prices.
Here's a look at the year-over-year change in the cost of the average gallon of gasoline.
The drop of close to 10% is the biggest drop since 2010.
Not only are gas prices becoming less of a burden, but average hourly wage growth has improved.
Year-over-year growth in average hourly wages (while a little weak lately) has been stronger than it's been in awhile.
The upshot is that every hour Americans are working these days is buying them more and more gas, relieving a pretty significant economic burden.
Here's a look at how many gallons of gasoline the average worker can buy with an hour's work. It's still a little bumpy, but the trend is higher.
And you can really see it happening on this chart, which shows the year-over-year change in how much gasoline the average worker can buy in an hour.
As you can see, the average worker can now buy 15% more gasoline with an hour's wages than they could buy at this time last year.
Given how significant gas prices are as a "drag" on the economy, this is a big tailwind, that could theoretically go a long way.
(Excerpt) Read more at businessinsider.com ...
Where is this “cheap gas”? It’s at $3.75 here, and I expect it to go above $4 when the driving season starts.
Unemployment went down. Total hours worked went down as well. Obamacare part-timers.
Where are the media accusations of McJobs?
What’s with “percentage change from 1 year ago”? How about real numbers? Those graphs mean absolutely nothing.
“...a look at how many gallons of gasoline the average worker can buy with an hour’s work...”
That’s an interesting chart.
I would love to see that chart done with a gallon of milk; a loaf of bread; or a pound of ground beef.
Average Regular Gas Price By State http://gasbuddy.com/GB_Price_List.aspx?cntry=USA
saving the economy...for now. Look at what it is today. And it goes up $2.00 on anything resembling good news.
...that is, the price per barrel. It was $86 not too long ago.
Weekly U.S. All Grades All Formulations Retail Gasoline Prices
Real good question; I just paid 4 dollars and 3 cents a gallon yesterday, for regular.
I just paid 4.19 not two hours ago. filling the tank was 75.00. cheap gas?
There’s plenty of oil, I would see. Refining capacity is the big bottleneck, IMHO. There were accidents, to be sure. Obama administration is to blame for some refinery shutdowns. Situation is still very taut.
Best price for regular here is $3.25. Premium is $3,65
Boy, do I agree. They are more and more commonly-used and, you're right, they don't mean a danged thing.
$3.21 in Orlando this past w/e.
$3.49 in Ft. Lauderdale
You believe this garbage? 4 buck gas is a boon to the economy? Good Lord.
You just don’t understand the plan.
Cut back their hours to avoid the cost.
Then they have to get another part time job to break even.
Job growth is up, don’t you see.
A new job has been created.
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