Who Counts as 'Rich'?

Who counts as rich? We can see plenty of times about distribution of income in the United States, and how many rich people don’t realize they are rich, at least relative to the rest of the country. However now Americans had curious about who counts rich. Gallup has surveyed Americans to ask what they believe the cutoff for being “rich” should be. The response was that a person would need to make at least $150000 to be considered rich. However the typical American believes anyone in about the top tenth of the income distribution counts as “rich.” On the other hand, president Obama and others have set the cutoff around $250000 when discussing raising taxes on the rich. From response to Gallup’s survey on threshold for being rich varied tremendously by demographics and geography; men cited a higher bar than women did; $150000 VERSUS 410000 respectively. Also children under 18 said they would require $200000 before considering themselves rich, whereas the childless were satisfied with a $100000 benchmark. For clearly, people who live in urban areas such as New York City, where the cost of living is higher or in suburbs had higher standards for being rich than did Americans who live in towns or rural settings.

Oil's up, Gas is down

Nowadays, in U.S. oil prices over the past few weeks have received a pleasant surprise at the pump. However while oil prices have increased, retail gasoline is moving in the opposite direction. The moves may seem counter-intuitive, since crude oil is used to produce gas. But while the two are closely related, there are a number of factors that can push their prices apart in the short term. Retail gasoline is more expensive than crude oil, because of taxes, distribution and the refining process. Oil and gas have always moved together with gas prices following on oil moves. They do face different supply and demand forces, but sometimes pulled in opposite directions. Gasoline is not the only product for which crude oil is used. Just 42% of gasoline among every barrel of crude oil produced used for crude oil in U.S. The rest was divided among other products including diesel, jet fuel and consumer goods for tires and link. Demand for these products also goes some way to shaping oil prices. Diesel, in demand as a generator of electricity in the developing world, has become more expensive in recent months.