Pain at the Pump
Gas prices have risen to record levels in March thanks to soaring oil prices, which rose above $110/barrel for the first time. And if prices keep rising you can expect to see a big surge very soon when you are filling up your tank.
If gasoline prices move from their current average price of $3.20 to $5, the cost of fuel for a family that spends $50 a week for gas would move up over $1,000 a year. That would wipe out any tax rebate payments from the Federal government and drive the economy deeper into its currently slowdown. It would also further fracture already delicate P&Ls and balance sheet at large auto makers and airlines. Retailers would get less traffic. Very few industries would be spared some effect.
Gas at $5 is a strain the current economy can't withstand, but betting against it would be a bad idea.
Let us hear from you on how the price of gasoline is taking place in your family
1 comment:
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