Rising Gas Prices Take Their Toll (And Your Taxes)

Glenn Swanson
by Glenn Swanson
rising gas prices take their toll and your taxes

According to The Los Angeles Times, “Americans are getting serious about using less gasoline.” To wit: one James Eric Freedner. The Sun Valley legal secretary got so fed up with high gasoline prices that he tucked his Toyota Tacoma in the garage, switched to motorcycle commuting, stopped driving to the beach on weekends and began grouping errands. "The price [of gas] was just eating up what I earned,” Freedner kvetched. “This is the best thing I can do to make ends meet." Point taken. "Raise the price high enough, and you will see that there is a lot more that people can do,” says Edward Leamer, an economist at UCLA. The Congressional Budget Office (CBO) recently released study, The Effects of Gasoline Prices on Driving Behavior and Vehicle Markets, asserts rising gas prices has motorists taking fewer trips, driving slower and paying premiums for the most fuel-efficient vehicles. Your tax money hard at work.

Join the conversation
4 of 8 comments