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Gas Prices Jumped $0.20 in the Past Two Weeks
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Source: AP
October 26, 2009
Retail gas prices are spiking to levels last seen in the heat of summer driving season, raising fears that consumers could cut back on holiday spending. The average price for a gallon of regular gasoline rose for the 13th straight day, adding sixth-tenths of a cent overnight to $2.671, according to auto club AAA, Wright Express and Oil Price Information Service. That's still below what drivers were paying at this time last year, but the 20-cent, two-week jump could prompt consumers already dealing with a climbing unemployment rate, depreciating home prices and damaged 401k accounts to spend less over the holidays, said Ryan Sweet, a senior economist with Moody's Economy.com
