Tuesday, September 4, 2012

Near record gas prices foreshadow new economic crash

Examiner

In Sept. of 2008, gas prices reached a median record high of $3.84 per gallon, peaking just before the economic crash and credit crisis in the economy and banking system. Two years later, as the recession hit full steam in the U.S., and oil prices dropped down to $35 a barrel, the price of a gallon of gas had fallen back under $2.50.

However, since reaching that bottom in 2010, gas prices across the country have been climbing steadily higher, even as fuel consumption by most Americans has remained low. Now, just two years later, these same economic indicators are mirroring those of 2008 , and gas prices on Sept. 1 are once again nearing record highs, foreshadowing a potential new economic crash.-[Full Article]