DOE predicts average household will pay $700 more for gas this year
Higher gasoline prices mean that consumers have less money left over to spend elsewhere, which some fear may have a negative impact on the U.S. economy. Within a couple of weeks, the DOE believes that gas prices will rise by at least 10 cents a gallon, adding more pain at U.S. pumps.
By mid-summer, drivers are expected to pay, on average, $3.71 for a gallon of gas, but the DOE also says that there's around a 25 percent chance that pump prices will exceed the $4-mark by the end of August. That's closing in on the industry-changing tipping point that Paul Taylor, chief economist for the National Automobile Dealers Association (NADA), discussed earlier this month, and August is not that far away.
[Source: Reuters via Green Car Reports | Image: diaper – C.C. License 2.0]
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