Economy Slowed By High Gas Prices, Bad Weather

The economy slowed sharply in the first three months of the year as high gas prices cut into consumer spending, bad weather delayed construction projects and the federal government slashed defense spending by the most in six years.

The government says the economy grew at a 1.8 percent annual rate in the January-March quarter. That was weaker than the 3.1 percent growth rate for the October-December quarter and the worst showing since last spring when the European debt crisis slowed growth to a 1.7 percent pace.

However, Federal Reserve Chairman Ben Bernanke and other economists say the slowdown last quarter is a temporary setback. They generally agree that gas prices will stabilize and the economy will grow at a 3 percent pace in each of the next three quarters.

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  • by Wolfgang Location: Chocowinity,NC on Apr 28, 2011 at 08:43 PM
    All I know is Lavon & Barlow are not spending the money from the rich people Obama promised them - Why they got no money from Obama from his election promise. Remember Pres. Bush gave all Americans '2' Free USA Government money checks while elected. I bet Lavon & Barlow spent Bush's checks on the Lottery Tickets. To try to be one of those bad rich people?
  • by Anonymous on Apr 28, 2011 at 04:07 PM
    The ones that programmed him on what to say and do to get such a large group of AMERICAN people to believe him did a great job.
  • by Ed Location: Enc on Apr 28, 2011 at 12:39 PM
    We have had some terrible presidents in this country in the past,but this is the first time the country has had to operate without one at all.
    • reply
      by Obama Snake Oil co on Apr 28, 2011 at 03:29 PM in reply to Ed
      The old saying, nice house...nobody home, comes to mind. Has anyone seen Barlow and Lavon, the local communists that normally post here? They seem to stay away from these hopey changey stories....they claim they voted for this non commander in chief.
  • by Anonymous on Apr 28, 2011 at 10:59 AM
    The price of gasoline at the pump has been skyrocketing since President Obama has taken the oath of office and instituted his energy policy.
    • reply
      by Boats on Apr 28, 2011 at 11:37 AM in reply to
      What energy policy????
  • by BLAHammed on Apr 28, 2011 at 09:19 AM
    They forgot to say And The Worthless oBLAHma Dollar in this report.
  • by Jim Location: SC on Apr 28, 2011 at 09:02 AM
    And they STILL trade gasoline on the commodities market like it was corn or something. 1. It's not a commodity, it's a manufactured product in my book. But my book didn't get published. 2. The CFTC should get a handle on unbridled trading of commodities by investment banks and hedge funds that have absolutely no intention of taking delivery or consuming the commodity they are "buying and selling". Until that happens, the American publid will continue to be held hostage by Wall Street. Now Mr. Obama, what do you have to say to that?
  • by "Washington on Apr 28, 2011 at 08:42 AM
    is Hollywood for ugly people." Heard that quote this morning and wow it couldn't be further from the truth. Politicians are out for themselves no matter which party they are affiliated with. They make empty promises up until election day and then turn their backs on us. Exxon Mobile reports a $11 billion in earnings in the first quarter. That just makes me sick! How is that even possible with the economy? Oh yeah that's right, hope and change. More like I hope I have some change after all of this.
  • by WOW Location: Here on Apr 28, 2011 at 08:30 AM
    Yes, Bush gets the blame for this since he the reason that we are in the mess we are in! And Ignorance is not bliss. Who actually goes around saying Obamagas! Really!
    • reply
      by Obamagas on Apr 28, 2011 at 09:37 AM in reply to WOW
      You don't like my price for gas, tough, you pay it anyway so terroists in the middle east can afford new guns. Its part of my new program "guns for gas". No terrorist should have to use old outdated automatic weapons when they can use the latest M-16. You have seen those poor terrorists...firing them up into the air. They couldn't hit one target with them. So give generously. Obamagas, remember, "we care"
  • by Anonymous on Apr 28, 2011 at 07:53 AM
    I bet Bush gets blamed for this too.
    • reply
      by Obama Snake Oil Co on Apr 28, 2011 at 08:27 AM in reply to
      Yep, and as soon as Bush said we would drill in fell to $1.61 a gallon for Bushgas...
    • reply
      by Anonymous on Apr 28, 2011 at 08:55 AM in reply to
      Yeah it's all Bush's fault. Yep sure is. LOL!!!!!
  • by Obama Snake Oil Co Location: Washington on Apr 28, 2011 at 07:35 AM
    How is that hopey changey going for yer? Its still $3.80 a gallon for Obamagas Regular. Did you vote yourself a paycut? What were you thinking? Didn't you know Obama wanted to cease drilling on the US?
    • reply
      by Anonymous on Apr 28, 2011 at 08:07 AM in reply to Obama Snake Oil Co
      i think the drilling ceasation was after the oil rig disaster...get your facts straight before you start typing
      • reply
        by Obama Snake Oil Co on Apr 28, 2011 at 09:34 AM in reply to
        So did you stop buying gas after the cessation? Sorry, Obama signiature is on the moritorium...he now owns this price. Also, while you were typing you were aware that mobile oil was to do some drilling at Anwar and the president stopped him? I am glad I know how to use the internet...I just wish everybody did. Now, go buy you Obamagas before it goes up in price!
        • reply
          by Fact Bringer on Apr 28, 2011 at 10:46 AM in reply to Obama Snake Oil Co
          So you're saying that Obama profits from oil prices? Could you explain further that you mean about this?
        • reply
          by Anonymous on Apr 28, 2011 at 12:10 PM in reply to Obama Snake Oil Co
          Yep Fact Bringer further ruining this country gives the prez an ego boost.
      • reply
        by Anonymous on Apr 28, 2011 at 12:03 PM in reply to
        Did we stop building ships after the Titanic disaster, or stop building airplanes or automobiles after an accident? Stop building skyscrapers after 9/11?
        • reply
          by Fact Bringer on Apr 28, 2011 at 02:58 PM in reply to
          No, but innovation and regulations were put in place before things could continue as they were before.
        • reply
          by Anonymous on Apr 29, 2011 at 05:14 AM in reply to
          Ok, so why after one disaster like we had in the Gulf should we stop drilling for oil? I have no issues with the government using stricter regulations on the oil companies and yes it would increase the cost of gas for awhile but with the new regulations in place they could lift the moratorium and open up more land for drilling, which in turn would lower the costs.
    • reply
      by Rusty Shackelford on Apr 28, 2011 at 08:22 AM in reply to Obama Snake Oil Co
      ...and bankrupt the coal industry..among other things.
    • reply
      by BLAHammed on Apr 28, 2011 at 09:29 AM in reply to Obama Snake Oil Co
      Passing threw Fairfield the two days ago oBLAMagas reg. was$4.09 a gallon.
      • reply
        by Obama Snake Oil Co on Apr 28, 2011 at 12:43 PM in reply to BLAHammed
        Yeah, I saw $4.52 for Oblamagas in DC.
    • reply
      by Just facts on Apr 28, 2011 at 04:10 PM in reply to Obama Snake Oil Co
      Obama Snake Oil, Are you implying that President Obama is profiting from the gas prices? Please provide proof of your claims. FYI, yes, Bush has his signature on this price run-a-way also.

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