Frank Pallone: “gasoline prices have hit an all-time high. The national average for gasoline is now $1.77 per gallon, up 25 cents from…”

“gasoline prices have hit an all-time high. The national average for gasoline is now $1.77 per gallon, up 25 cents from the beginning of the year; and President Bush is doing nothing to alleviate the strain that this is taking on the American people, on American businesses and on the American economy. Mr. Speaker, high gas prices impact all of us, consumers and businesses alike. High fuel costs translate into a loss in profits margins for the manufacturing and transportation sectors that force prices for products and services higher, hitting American consumers twice. Not only do Americans need to dole out more cash to fill their gas tanks with the little disposable income they have left, they are forced to pay higher prices for goods and services. For instance, Continental Airlines sought to impose a fuel surcharge for their services. And the real impact of all this is a slowdown in the economy with the potential for even more job loss. In fact, an estimate by Merrill Lynch shows that every penny increase in gasoline prices at the pump is equal to $1 billion in lost consumer spending. That is nearly $25 billion in lost spending since the beginning of the year.”