The nationwide average price for a gallon of regular rose seven cents over the past two weeks, according to the Lundberg Survey. That puts the price at $3.76. In the previous two weeks, the price rose 19 cents. Some economists believe that gas prices are high enough to undermine consumer spending, particularly among lower and middle-class households in which driving to work and school is a major expense.
Gas prices were just as high, if not higher, last spring, but gross domestic product was up then. Growth may be under 1% in the second half. The Congressional Budget Office recently reported that the “fiscal cliff” could cause GDP contraction in the first half of 2013. Add in gas prices that remain high, and consumer activity could contract sharply during the Christmas shopping season and then into the start of next year.
Douglas A. McIntyre
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
