Middle East turmoil and refinery closures could mean pain at the pump for consumers this spring
The average price for a gallon of gas is at record highs and analysts only expect it to get worse, fanning concerns that a big shock in fuel costs could derail the nation's fragile economic recovery.
Oil prices spiked Monday after
Pain at the pump is already a reality for some
Although price hikes in the neighborhood of
"Given the current volatility we have right now, it's almost a perfect storm," says
"It's becoming a very dangerous waiting game," Laskoski says, adding that the odds of an Israeli attack on
Supply issues stateside have also had a hand in pushing up prices more than usual this time of year. Refinery closures in
In a worst case scenario, crude oil could surge to
But don't start hyperventilating yet. There's still a lot of "ifs" in the equation, Laskoski says, and it would take something apocalyptic to actually see prices in that neighborhood, others say.
"You may indeed have to pay
In other words, not so likely.
Kloza does anticipate further increases in gas prices, but expects them to level out near
"I cannot emphasize enough how tidal oil prices are, and typically there's always a high tide at the end of the 1st quarter, beginning of the 2nd quarter," Kloza says. "This year I think it will be an astronomical high tide, but it's been moved up a bit."
"We've seen this movie before, we know how it ends," Kloza adds. "It doesn't end with
- Tensions in Middle East Fan Fears of Sharp Gas Price Hikes
- Inflation Outpacing Compensation for U.S. Workers
- The Myth of Economic Inequality
- Occupy Wall Street Must Learn That We Are What We Buy
- Six Unusual Economic Indicators
- Housing Market Improves, but Growth Years Away
- Could Strong Chinese Currency Boost U.S. Economy?
- The Downward Mobility of the American Middle Class
- Unemployment: Fudging the Numbers
- Why the Fed is Lukewarm on the Economic Recovery
- Are Student Loans the Next Debt Bomb?
- One Key Sector That's Still Shedding Jobs
- Globalizing Private Sector, Government Overwhelmed by Corporate Money
Americans Spent Less:
Why That's a Good Thing
- Improving Economy Driving Independents Back to Obama
- Europe Needs a Marshall Plan
- Are We Entering a Jobless Recovery?
- GDP Growth Fastest Since Early 2010
- Good News and Bad News about GDP Growth
- Over-Saving Caused the Economic Crisis
- To Spur Economy, United States Must Reform Legal Immigration
- Immobility Nation
- United States 'Saudi Arabia of Natural Gas'
- Will Gas Prices Grow to $5 a Gallon?
- Fed Opens Up on Interest Rate, Inflation Predictions
- Obama to Save Economy With More Tourist Visas?
- Will Obama's Mortgage Refinance Plan Be D.O.A.?
- Top 5 Global Risks for 2012
- Lower Inflation Gives The Fed More Leeway in 2012
- What's in Store for Jobs in 2012?
- Our Challenge for 2012: Get Americans Working
- The Rebirth of Social Darwinism
- H-1B Workers in a State of Indentured Servitude
- Abuse of the H-1B Visa Program Is Widespread
- H-1B Visas a Symptom of Special-Interest Influence
- More Green Cards, Not H-1B Visas, Is the Real Fix
- We Are Creating a Dependency on H-1B Workers
- Unfilled Positions Reduce Productivity
- H-1Bs Are Simply Too Difficult to Get
- Most Immigrants Create Jobs
- White House Reiterates Urgency to Renew Payroll Tax Cut Bill
- Homegrown Obstacles to the Economic Recovery
- Does Extending Jobless Benefits Help the Economy?
- Men Continue To Fare Badly in This Economy
- Public Blames Congress, Not Obama, For Sour Economy
- Restore the Basic Bargain
- A Main Street Jobs Agenda
- Who Says Wall Street Isn't Hurting?
- Road Map to a Housing Rebound
- Housing Prices Drop Back to 2003 Levels
- GOP 2012 Candidates Split on Payroll Tax Cut
- We Need to Focus on the 99 Percent
- A More Permanent Solution Is Needed
- Keynesian Policies Have Failed
- Many Time-limited Tax Breaks Never Die
- A Strong Recovery Remains Elusive
- An Economic Loser in the Long Run
- Extending Payroll Tax Cut Will Extend U.S. Debt
- Jobs Report: A Glimmer of Hope for the Housing Market?
- Unemployment Rate Drops to 8.6 Percent
- Beige Book Shows Stronger Growth, but Europe a Major Threat
- What Happens If We End the Fed?
- Online Shopping Deals Hurt State Budgets
- 5 Reasons the Economy Will Be Better in 2012
Tensions in Middle East Fan Fears of Sharp Gas Price Hikes | Politics
Copyright © 2012 Tribune Media Services