The price of fuel has doubled in the past year and that could mean the economy will suffer. The Feds have tried to stabilize oil prices by dipping into reserves which could keep the economy from toppling again. Consumer confidence began rising at the end of the year and continued to climb that is until the price of oil spiked in the past week. No once again the American consumer is beginning tighten their belts to make up for the high cost of fuel. With the spring and summer approaching the price of gas could take away precious money from airlines and tourist industries.
If the price of oil remains at 100 dollars a barrel the unemployment may rise again throwing many people into debt and will need bankruptcy attorneys. Oil prices affect all realms of the US economy and travel is a luxury many can’t afford. Instead of using their credit cards for traveling many American may depend on credit to buy things needed for survival like food. Debt is a serious problem many people can’t conquer without a bankruptcy lawyer.
In 2008 when fuel prices reached high the high prices experienced today; airlines, hotels and travel destinations were hit hard and suffered while people stayed at home instead of visiting different locales. Most people aren’t willing to spend what little money they have on vacations, instead they would rather put the money towards their everyday needs which have to supplemented by credit card debt making bankruptcy attorneys a necessity.
