The price of a gallon of gas have risen an average of 32 cents per gallon in the past week. Although the US economy appeared to be in a process of recovery, the high price of gasoline could throw the economy back into a recession. In 2008 when the current economic downturn began the gas prices where leveling at the prices they are today. The current crude oil price increases are related to the unrest in the Middle East which shows no signs of ending soon. Economists fear that the price of a barrel of crude oil could reach 150 dollars which would devastate the American consumer and businesses.
Spending extra money on fuel generally causes retailers to raise prices on goods. When consumers have to spend more on gasoline their purchases of other goods decreases which trickles down to other sectors such as job development and real estate. An increase in transportation costs can have negative ramifications for an already struggling worker. The affluent aren’t generally affected by the rise in gasoline but those facing bankruptcy will be forced to find competent bankruptcy attorneys.
Many people who are struggling go further into debt as they try to keep their heads above water, the drastic gas increase will send many into bankruptcy. When facing bankruptcy, the expertise of a bankruptcy lawyer can be a solution for financial woes. Absorbing the higher costs of food and energy can create a personal crisis that can be alleviated when a bankruptcy attorney is employed.
