Soaring Gas Prices Mean Major Cut Backs For Some

Submitted by Jen Jones on Sat, 03/12/2011 - 9:00am

Soaring Gas Prices Mean Major Cut Backs For Some

The tumultuous political climate in the Middle East has pushed domestic gas prices sky high in recent weeks, with average American households, just beginning to recover from the recent economic collapse, scrambling to fill their tanks with petrol pushing (on average) $3.50 per gallon.

And according to The Huffington Post, the problems at the pump may just be beginning. “Violence in Libya shows no signs of slowing, and that's causing oil prices to continue their steady climb, at one point hitting $118 per barrel on Monday. The situation has become so dire that Barack Obama is considering tapping U.S. oil reserves and Morgan Stanley have announced they will temporarily halt all oil trade with Libya. Unrest in Libya and the rest of the Middle East has been the primary and most-publicized concern. And that anxiety appears justified, as Libya's political turmoil has already cut the country's oil output in half. But it's not only international production that is down. The American Petroleum Institute reported last week that their inventories of both crude oil and gasoline are diminishing, at a time when many expected increases. Federal Reserve chairman Ben Bernanke has said rising oil prices "do not yet pose a significant risk" to the U.S. economy. But a sustained price increase? He admits that might be a different story.”

So with no end to the oil rising costs in sight, what are spiking prices forcing U.S. citizens to cut back on? Well, according to recent poll from HuffPost, a heckuva lot, including:

Eating Out
We all know that spending time at restaurants, even fast food establishments, can mean spending a lot of extra money from beleaguered household budgets. Therefore, with high gas prices cutting into food costs, eating out (or even that neighborhood coffee run) is one of the first “luxury” areas many are cutting back—especially since eating out often necessitates getting in the car and driving to a favorite food place.

Travel
Obviously, soaring prices at the pump are also affecting many folks’ inclinations to take to the open road for travel. An inability to fill the tanks is threatening to leave many stranded at home well into spring.

Simple Pleasures
For many Americans, some of which may just be heading back to work after a spell extended unemployment, the commute to work, regardless of gas prices, is a necessary evil. As a result, they’re more willing to cut out the “simple pleasures:” buying books, maintaining magazine subscriptions, or even heading to the movies.

But, if you’re already struggling financially, are these minor budget cuts enough to sustain your mortgages, your car or even the most basic utilities amid formidable prices at the pump?

In these tough economic times, wherein rising oil rates are exacerbating other economic pressures, it may be time to turn to a more definitive option: buying yourself some breathing room with a better financial future through bankruptcy. If you have been affected by the economy, the housing market, or even troubles with your gas tank, and are wondering how to get back on track, knowing a qualified bankruptcy attorney can also help you face your financial fears, yielding the right kinds of support, information and insights—at a low cost— for a viable and secure future beyond the latest oil crisis.

The bankruptcy experts at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their offer. Just call toll free to +1-919-646-2654, or during the off hours, you can make your own appointment right online at www.billsbills.com. Simply

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