The recent crisis in the Middle East has caused the price of crude oil to climb to one hundred dollars a barrel earlier this week. The average price for a gallon of gas rose 6 cents overnight. Experts believe the prices will continue to climb over the next few days. The price increase of gas is feared to slow the recovering economy. Economist state that every dollar increase on a gallon of gas cost American consumers a billion dollars over the course of a year.
When the price of gas rises it affects all the pricing for products. The cost of transporting merchandise to stores will be passed on to the consumer. Oil prices greatly affect the price of energy as well. More money spent at the pump means people will be unable to spend money on products. The gross domestic product is primarily made up of consumer spending. This could mean less jobs are created and the economy struggles and some forecasters believe another recession is at hand, throwing more people into debt who need the aid bankruptcy attorneys.
As the American public struggles to meet their primary needs more people rely on credit to supplement their incomes. Interest rates and balances cause individuals to amass debt. Many must employ bankruptcy lawyers to relieve the piles of debt. Relief from these sad economic times can be impossible to come by. Debt plagues many people across the nation and bankruptcy attorneys are a necessity to the myriad of Americans besieged by economic deficits.
