Oil hits a high; some in U.S. see $4 gas by spring
http://www.iht.com/articles/2008/02/27/business/26gasweb.php
Gasoline prices, which for months lagged the big run-up in the price
of oil, are suddenly rising quickly, with some experts fearing they
could hit $4 a gallon by spring. Diesel is hitting new records daily
and oil closed at an all-time high on Tuesday of $100.88 a barrel.
The increases could not come at a worse time for the economy. With
growth slowing, high energy prices that were once easily absorbed by
consumers are now more likely to act as a drag on household budgets,
leaving people with less money to spend elsewhere. These costs could
exacerbate the nation's economic woes, piling a fresh energy shock on
top of the turmoil in credit and housing.
(...)
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