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The U.S. economy and the high price of gasMay 1, 2008 Wrap, suggested lead: As the summer driving season approaches, gas prices are again hitting record levels. And that takes a huge bite out of the U.S. economy. Mark Schwerin reports. (1:05/Schwerin/STD) The high price of oil and gas comes at a bad time for reviving the U.S. economy. High energy costs and a sluggish economy are reviving concerns of "stagflation" just as tax rebate checks begin to arrive, says Dr. William Kern, chair of the WMU Department of Economics. (:36/Kern........................very bad things.) Kern says price controls on gasoline would be a bad move and could result in long lines at the gas station. From Western Michigan University, I'm Mark Schwerin. Actualities: CUT ONE: Kern says the high price of gas means consumers will spend a chunk of their tax rebates, intended to simulate the economy, on gas. (:26/Kern...................fiscal stimulus.) CUT TWO: Kern says the proposal to lift the federal gas tax during the summer won't do much to keep prices low and will help the oil companies more than consumers. (:48/Kern...................the oil company.) CUT THREE: Kern says that if there's a concern about low oil supplies, lowering the price of gas will just encourage people to drive more and boost demand. (:42/Kern...................might require.) For additional comments or an interview with Kern, call
(269) 387-5554. WMU Radio News Service Media contact: Mark Schwerin, 269 387-8400, mark.schwerin@wmich.edu |