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February 27, 2008
Posted: 05:01 PM ET
FROM CNN's Jack Cafferty: $4 a gallon, and maybe more, is the dire prediction for gasoline prices by this spring. Gas prices have lagged behind oil prices for months, but it looks like they could soon be catching up. The price of crude oil spiked above $102 a barrel today for the first time ever and diesel prices continue to hit record highs on a daily basis. One Harvard economist tells the New York Times, "The effect of high oil prices today could be the difference between having a recession and not having a recession." It's clear that higher gas and oil prices are just the latest bad news for our economy which is being buffeted by the housing collapse, the credit crisis, rising inflation and a weakening dollar. If people are forced to spend more on energy costs, it follows they will have less money to spend on other things. Economists say that in December, Americans were spending more than 6% of their disposable income on energy. That's the highest level since 1985. Regular unleaded gasoline costs an average of $3.15 a gallon today; that's up from about $2.35 a year ago. It also represents a jump of 20 cents gallon in just the last two weeks. And prices are expected to accelerate from here. Here’s my question to you: How would gas prices of $4 a gallon or higher affect your life? Interested to know which ones made it on air?
R. writes: Barbara writes: Mike writes: Liz from Massachusetts writes: John writes: Brian from Fort Mill, S.C. writes: Filed under: Rising Gas Prices
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Jack Cafferty sounds off hourly on the Situation Room on the stories crossing his radar. Now, you can check in with Jack online to see what he's thinking and weigh in with your own comments online and on TV. Send your comments on the "Cafferty File". Jack's Book
Read excerpts about Jack's battle with alcoholism and Jack's philosophy on parenting. CNN=Politics Screensaver
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