On the April 30 edition of "BBC World," Justin Webb reported on rising fuel costs and how the increase in prices affect the American public. According to Mr. Webb, many Americans drive cars nearly the size of big rigs, and will need to spend their tax rebate on fuel, thereby doing little for the economy at large. After all, if a big rig tank takes over a thousand dollars to fill, many American cars must face similar costs. [Audio available here] Transcript below:
“Many Americans drive private cars not much smaller than this truck, and the risk is that they use their tax rebate simply to buy fuel, boosting the profits of the oil companies but doing little or nothing for the wider American economy.
John Taylor owns that truck and has to fill the tank. Today was just topping up. A complete refill is over $1,000, double what it was a year ago. Still, as we headed out of Washington, Mr. Taylor gave just a glimmer of hope to America's economic policymakers. Cheered by the interest rate cuts he'll spend the tax rebate frivolously.”