Crains Chicago Business's Paul Merrion wrote a great column in Crains this week about the effect the raising gas prices are having on our local (and national economy).
They conducted a study which shows that for every dollar a gallon of gas goes up job losses almost double!
36,260 jobless when gas was $2/gallon
61,000 jobless at $3/gallon
and a projected
102,420 at $4/gallon.
It broke down to over $5 billion removed from our local economy and spent on gas instead. The powerful impact of microeconomics has always fascinated me, but these numbers are staggering.
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