Spiraling Gasoline Prices are Impoverishing Americans
By Prof Michel Chossudovsky
October 08, 2012
Together with draconian austerity measures, home foreclosures, layoffs and the phasing out of social programs, the dramatic hike in gasoline prices constitutes yet another economic mechanism which contributes to the impoverishment of millions of people across the land.
Gasoline prices have skyrocketed overnight in California, with prices at the pump exceeding $5 a gallon.
Across America, the increase in gasoline prices has contributed to compressing purchasing power. It has a devastating impact on suburban families. It compresses the levels of household consumption. It contributes to lowering the standard of living.
The hike in gasoline prices constitutes a mechanism whereby money income is routinely appropriated and transferred from households and consumers into the coffers of oil companies and financial institutions. The price hikes result in windfall corporate profits, while contributing to expanding levels of household debt.
The hikes in fuel and gasoline prices across the US (and Worldwide) also contribute to precipitating small and medium sized businesses into bankruptcy.CONTINUE: [link to www.globalresearch.ca]