Increasing oil prices are forcing consumers to lose the weight of their pockets. Two consumer groups unveiled that in 2006 U.S. families paid $1,000 more on average for gasoline than in 2001, as higher oil prices ate up a hefty portion of the income. The average U.S. household paid $2,277 for gasoline in 2006, up 78% from 2001.
Rising gas prices are biting a big piece from the household budget, hard hit consumers are low-income consumers. Increasing oil prices are causing for a significant financial
hardship. All sorts of businesses are being affected as Wal-Mart executives this week said higher gasoline prices were hurting sales at the nation’s largest retailer. Big automobiles companies were forced to lock their factories and to reduce their workforce.
Swelling oil prices are increasing the energy bills and became a matter of concern for government as it leads to the mounting inflation. In the last eighteen to nineteen months gas prices saw a stiff rise. The nationwide average price of a gallon of regular gasoline was $3.103 Wednesday, up more than a penny from Tuesday and nearly 25 cents higher than a month ago. The price set a record, not adjusted for inflation, for the fourth consecutive day. The inflation-adjusted all-time high was set in March 1981 at $3.223.
The whole world is in a worry to tackle the problem, but the crux is that no one forgets to pass the buck. Oil industry representatives said the higher gasoline prices were a result of elevated crude-oil costs set on world markets, strong demand, a decline in imports, environmental mandates for specialty gasoline blends and necessary refinery maintenance. But the problem is more political rather than the any other issue 
Mighty America blames for recent stiff rises in the gas for Iran’s resolute nature, Nigeria’s fiasco, Chavez for Venezuela and Russian monopoly over majority of natural sources, but America has forgotten that after his intervention in Iraq in 2003 have proven the foundation stone for the rising. Which might have arose the insecurity among the Arab nations.
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