Quantcast
Get breaking news alerts via email

Click here to manage your alerts
Higher gasoline prices raise economic fears
Energy » For now, bet is that they won’t derail recovery, but what-ifs loom.


< Previous Page


"We’re getting close to a point where we should start worrying," says Thomas Simons, a market economist at Jefferies & Co. "People hate paying for gas. You get no pleasure out of it, unlike food or clothes."

If gas goes to $4.50 a gallon and stays there, it would cost each household about $1,000 more this year than last to buy the same amount of gas. That would eat half of the $2,000 savings a typical household will get from this year’s cut in Social Security taxes.

At a glance

Prices on the rise

Utah average Wednesday » $3.28

Yesterday » $3.25

Week ago » 3.12

Month ago » $3.06

Year ago » $3.26

Record high » $4.22 on July 18, 2008

U.S. average Wednesday » $3.73

Yesterday: » $3.72

Week ago » $3.58

Month ago » $3.43

Year ago » $3.38

Record high: » $4.11 on July 17, 2008

Where’s the cheapest gas?

Go to SaltLakeGasPrices.com or UtahGasPrices.com

Join the Discussion
Post a Comment

It would also land a hard psychological blow, Kelly says. Jumps in oil and gas prices triggered recessions in 1973 and 1990, and gas prices last peaked months before the financial crisis shook markets in 2008.

Kelly says another spike could lead many Americans to worry that history will repeat itself.

"Americans have a fuzzy grasp on most economic matters," he says, "but one thing they’re clear on is that high gas prices are a danger sign."




Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Top Reader Comments Read All Comments Post a Comment
Click here to read all comments   Click here to post a comment


About Reader Comments


Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
Staying Connected
Videos
Jobs
Contests and Promotions
  • Search Obituaries
  • Place an Obituary

  • Search Cars
  • Search Homes
  • Search Jobs
  • Search Marketplace
  • Search Legal Notices

  • Other Services
  • Advertise With Us
  • Subscribe to the Newspaper
  • Access your e-Edition
  • Frequently Asked Questions
  • Contact a newsroom staff member
  • Access the Trib Archives
  • Privacy Policy
  • Missing your paper? Need to place your paper on vacation hold? For this and any other subscription related needs, click here or call 801.204.6100.