Pain at the Pump

Two Mackinac Center scholars were cited in a recent Detroit News story on gas prices.

Dr. Ted Bolema, an adjunct scholar with the Center and director of the MBA program at South University in Novi, said inflation, which could top 5 percent this year, is a concern: “Incomes aren’t keeping pace at this point.”

David Littmann, senior economist, told The News that if gas prices remain above $4 a gallon for a year, some $134 million would be taken out of the economy due to consumers spending less and reducing savings.

“The rise in oil and gasoline prices have already reduced confidence and growth in the U.S. economy and threaten a great deal more damage as time goes on,” Littmann noted.

Russ Harding, the Center’s senior environmental analyst, recently wrote about what can be done to lower gas prices.

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