High gas prices affect all industries

According to The Associated Press, the rising gas prices are threatening economic growth across the United States, with many companies in the transportation industry unable to create jobs due to the high gas prices.

Chris Christopher, an economist at IHS Global Insight, told the AP the rising gas prices have been a "thorn in the side of consumer and businesses" and the economy would have been much stronger this year had it not been for the increasing gas prices. Consumer confidence throughout the U.S. has also been affected by the rising gas prices.

Many trucking companies and retailers will struggle with fleet management throughout these tough economic times. The AP said the high gas prices will make it more difficult for trucking companies to stay above water.

Consumers throughout America are feeling the direct effects of the high gas prices, with consumer sentiment falling from February into March, Reuters reported, citing its recent survey conducted jointly with the University of Michigan.

"Overall, the data indicate that $4 gasoline has lost its shock value, although the drain on discretionary income will still affect spending, mostly among lower-income households," said survey director Richard Curtin.

High gas prices affect all industries

Tuesday, March 20th, 2012