AMERICANS FEELING THE PINCH OF RISING GAS PRICES
By: Import User
Updated: January 7, 2009
The average price of a gallon of regular gas sits at $1.93. That`s up a penny since yesterday...and analysts say don`t expect prices to come down anytime soon.
Experts say the price of crude oil is about to go up again, which means we`ll be paying even more at the pump as we head into spring and summer.
The high prices are already starting to take a toll on the economy, say economists, who compare them to a tax that saps disposable income, and say if they continue, they will continue to be a drag on growth, which translates into fewer jobs and less money for businesses to spend expanding.
The average cost of oil was at $54 a barrel last Friday. The highes price in the U.S. is in Bridgesport, Ct. at $2.79 a gallon. Natinally, prices are averaging at $2. 01 a gallon. Analysts predict that gas will rise as much as 12 cents this week, and another 12 cents by the end of the month, making the price arund $2.25 per gallon.
