How Do Gas Prices Affect Today's Economy?

Decent Essays
Gas prices have a huge impact on modern society’s economy. This economic impact mainly depends on how active our automobiles are, especially in a bustling city like Miami.

“Gas prices have dropped significantly since hitting a peak of $2.80 in June 2015,” said the AAA, according to Boston.com.

With these newly lowered gas prices, N’Kyra Johnson and Mardeja Bivens from the T.V. production strand are able to frequently fill their cars with more gas than usual. Allowing them to save the extra money from the decreased gas prices for more supplies and activities with family members and friends.

Or the saved money could be used to “Buy my mom groceries if she needs anything.” like Dudley Dauphin from I.T. Web Design said.

The current gas price average in Florida is $2.089 which is very low compared to year 2012 when state average for gas prices was at its highest at $3.65.
…show more content…
For example, online shopping and necessity public transportation becomes more abundant as gas prices increase. With online shopping and public transportation being used more frequently, not only do certain companies’ income increase, but people are also able to save on gas money. Each individual’s gas money is saved by receiving supplies that are needed or traveling somewhere while spending little to none on

Related Documents

  • Great Essays

    Modern societies throughout the world are dependent on oil and gas. Without these two resources America would have never experienced the Gilded Age that made America the industrial powerhouse that it is today. Not only do these resources supply us with transportation and countless other material items but because of how large the industry is it accounts for tens of thousands of jobs within the three sectors of the industry. Every year oil and gas are becoming rapidly more important.…

    • 1260 Words
    • 6 Pages
    Great Essays
  • Great Essays

    Mahatma Gandhi once said, “Earth provides enough to satisfy every man 's needs, but not every man 's greed”. People in this world, even to this very day still yearn for anything they want and perform actions in order to achieve their goals. There have been several instances where we have failed to take time and think about the consequences and impacts our actions could have on society. For the past few years, Canada and the United States have started to build a pipeline that travels through both countries. This pipeline known as the Keystone Pipeline and it carries petroleum across the country.…

    • 2082 Words
    • 8 Pages
    Great Essays
  • Improved Essays

    Glen Hager Case Study

    • 492 Words
    • 2 Pages

    Glen Hager was raised in a Baptist farming family and has had a variety of jobs throughout his career, which are extremely important to maintaining Texas finance. Hager is the Chief Revenue Estimator, which basically means that he is responsible for estimating how much money Texas will receive into the State Treasury every other year. Therefore, he is forced to analyze the facts and think about how much money Texas either receives or loses. Furthermore, Hager is also a tax collector for the state of Texas and is a Republican candidate in the Texas State Senate.…

    • 492 Words
    • 2 Pages
    Improved Essays
  • Decent Essays

    Les Singer Case Study

    • 338 Words
    • 2 Pages

    The policy group of Office of Secretary Les Singer has decided that we should let the market determine the prices for the gasoline distribution. The policy that we chose would be equitable to everyone (producers and consumers). In this policy, the price would be not too high and people can afford gasoline with the money they have, making the producers satisfied with the prices. This policy would be the best opinion because not only will people afford gasoline but they will be saving money and the oil companies will be winning too. The gas price would be above equilibrium and consumers would be able to get gas at a decent price.…

    • 338 Words
    • 2 Pages
    Decent Essays
  • Improved Essays

    Mission Statement Public transportation has its limitations and disadvantages in the South Florida region, Miami alone suffers from its limited routed Metrorail. Even Miami-Dade local buses of Miami are bound to suffer the same fate as drivers do… traffic. Miami is ranked 28th for high traffic congestion based on a worldwide poll by TomTom (TomTom International BV, 2016). The South Florida region suffers from car culture, which means people who live in low density residential areas are dependent on vehicles to travel one to another.…

    • 1549 Words
    • 7 Pages
    Improved Essays
  • Decent Essays

    Elasticity Of Rail

    • 201 Words
    • 1 Pages

    What effect on the price elasticity of demand for commuter rail is there likely to be from a decrease in the price of gasoline? A decrease in gas prices will make the demand rise for some commuters to commute in their own personal vehicles, there will be little or no changes in the prices of the commuter rail tickets. Because most consumers don’t have a choice to how they commute, such as the elderly, individuals with no licenses, etc.… commuter rails are normally in big metropolitan’s and thousands of people are without transportation, so they ride the commuter rails. The price elasticity of demand on the commuter rail happens because it’s an accessible supernumerary of service, which is in the consumer’s budget.…

    • 201 Words
    • 1 Pages
    Decent Essays
  • Improved Essays

    Hydraulic fracking can bring jobs and fortune to America. The industry has created over 2.1 million jobs across America and the potential is estimated well over 4 million. This is just a preview of the possible benefits developed with hydraulic fracturing. (Casselman) Cheap energy is attracting more manufacturing back to America. Technological improvements in the past two years have taken what was once a small, marginally profitable field and turned it into one of the fastest-growing industries in America.…

    • 507 Words
    • 3 Pages
    Improved Essays
  • Superior Essays

    Hydraulic Fracking is a controversial issue because so little is known about it. But Fracking is some people’s way of life so we can’t just take away their jobs because they have families to feed and to take care of. But on the other hand Destroying are environment and endangering the public isn’t right either just because we need natural gas. Everyone has a side and an opinion but before making your decision on what side you’re on you should always read about it and look up facts. Fracking shouldn’t be allowed in North Carolina because the people drilling aren’t responsible enough to take care of the people and the environment due to their lust for money.…

    • 1221 Words
    • 5 Pages
    Superior Essays
  • Decent Essays

    Gasoline Vs Chevron

    • 229 Words
    • 1 Pages

    • Facts Gasoline is sold at retail in 300 different service stations in Hawaii. Chevron controlled 60 percent of the market for gasoline produced and 30 percent wholesale. The oil company brought a suit against Hawaii, challenging the statute limiting rent. Hawaii was concerned about the effects of market concentrations on retail gasoline prices. Hawaii passed Act 257, which limits the rent oil companies may charge dealers.…

    • 229 Words
    • 1 Pages
    Decent Essays
  • Decent Essays

    In the article “What’s the biggest threat to the U.S. economy?” by Robert J. Samuelson says, “that saving money can help governments improve living standards by investing in newer technology, factories, and roads” (p.1). The money being save can help fix roads in cities and states that improve the area that business and houses are by. If the roads are fixed it improves the look of the area which draws more people into that area. For example, if a house a person is looking at has a road that as pot holes in front of the house most of the time the person would see it as a decrease in value of the home.…

    • 155 Words
    • 1 Pages
    Decent Essays
  • Improved Essays

    Fracking For Shale Gas

    • 341 Words
    • 2 Pages

    Horizontal drilling, also known as, fracking is a method of drilling into Shale to extract gas. Shale gas is abundant in the United States, which could mean energy independence. The amount of natural gas in the United States is equivalent to two amounts of oil in Saudi Arabia's. However, this process raises concerns, health concerns in particular. The luxury of drinking water out of the tap has been taken away from communities where fracking has hit.…

    • 341 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    Oil Fracking Benefits

    • 912 Words
    • 4 Pages

    Oil prices have constantly changed with over time. Many advances in how we can get clean oil or have items that use less oil have helped with oil prices going down. People have made claims that Saudi Arabia is trying to cripple American fracking (Moran, 2014). Americans have been buying oil from Saudi Arabia for a long time. This need Americans have for other countries oil could end with the United States using its fracking method.…

    • 912 Words
    • 4 Pages
    Improved Essays
  • Superior Essays

    Affordable cars were being bought and placed on driveways all over the country which brought revenue to many car companies.…

    • 1849 Words
    • 8 Pages
    Superior Essays
  • Great Essays

    Bp Pestle Analysis Essay

    • 1608 Words
    • 7 Pages

    PESTLE analysis of British Petroleum in USA PESTLE analysis consists of six different elements that may help the business improve the certain areas. These are Political, Economic, Social, Technological, Legal and Environmental. The business would analyze each factor individually to find out what they need to do to become efficient and a well-rounded company. British Petroleum (BP) is a multinational oil company that operates in over 70 countries worldwide with 79,800 employees it has become well known company that has generated over $225bn for the economy. This essay will consist the PESTLE analysis of the company operating in USA and the effects that the oil spillage in the Gulf of Mexico in 2010 did to the company’s policies.…

    • 1608 Words
    • 7 Pages
    Great Essays
  • Improved Essays

    Advantages of Online Shopping: Online shopping has become a trendy shopping method ever since the Internet has made the incremental advancement. Many people are looking for other amazing alternatives shopping and online shipping is just the fix for that. Because of the many advantages and benefits of shopping online, more and more people these days prefer Online Shopping rather to go and shop. There are various reasons why people think that they buying on the internet is the best option too and why online shopping business is boosting day by day. 1.…

    • 1013 Words
    • 5 Pages
    Improved Essays