WASHINGTON, D.C., March 27, 2012 - Today the House Natural Resources Committee held an oversight hearing to examine the impact high gasoline prices have on job creation and economic growth in America’s tourism and travel industry, which last year supported 14 million U.S. jobs.
“According to the Wall St Journal, every dollar increase in gas prices means $2.6 billion a week must be diverted toward the gas pump and away from other spending. This decrease in consumer spending has significant impacts throughout our economy. With many families already running on tight budgets, the extra money spent on gasoline is more than enough to force families to forgo summer vacations, spring break trips or other travel plans,” said Natural Resources Committee Chairman Doc Hastings (WA-04). “Beach towns, mountain gateway communities and various other tourist destinations rely heavily on spring and summer travelers for the majority of their yearly income. High gasoline prices can have a crippling effect on the travel and tourism industry as business costs increase and revenue decreases from the lack of tourists and visitors that can afford to make the trip.”