Saturday, September 26, 2009

(CC) Ron Paul's take on Rising Oil and Gas Prices (1-5-2008)

At the New Hampshire GOP Debates, Charles Gibson asked a question about the rising costs of Oil and Gas prices, and Ron Paul responded, noting that the inflation and devaluation of the dollar plays a significant role in why costs keep escalating. I remember when I first started driving, gas was at $1.25 a gallon or so, and none of us will ever forget that summer of 2008 when gas was close to $4.00 a gallon.

The rest of the world pays far more for gasoline than we do, and I realize that. At the same time, it is clear that inflation and the constant printing of new money contributes towards rising prices in the supermarket, gas stations, and energy bills. The poor, the middle class, and those on fixed incomes are the ones that suffer the most from this hidden tax, which some call the Inflation Tax.