Reasons given….
Trump is rattling the markets….
The change from Winter gas to Summer gas…..
The Middle East instability…
Gasoline prices have steadily crept up to a nearly three-year high nationwide, fueled by increasingly expensive oil.
Fuel prices averaged $2.68 on Thursday, up 15 cents from a month ago and up 28 cents from a year ago, according to AAA.
The average American household is expected to pay about $200 more on gas in 2018 than in 2017, the U.S. Energy Information Administration projected Thursday.
It’s “going to impact motorists’ pocketbooks and wallets for spring and summer, with the hope of them coming down in fall and winter, as we’ve seen in years past,” AAA spokesperson Jeanette Casselano said.
The price of fuel is the highest it has been in nearly 1,000 days, according to smartphone app GasBuddy, which allows consumers to see gas prices at nearby stations….
Higher gas prices tend to effect the economy ….
Higher gas prices will only adversely effect the economy if they go up much more than they are now and stay there for an extended period.
Over the last eight years or so the usual situation has been that prices rise then production increases more rapidly than demand and the prices fall again.
It will be awhile before we can assess whether this plays out that way this time.
Certainly if they were to rise say an additional dollar a gallon or so,then stayed there for awhile.there would be a definite economic effect.