Price of gas going up. Can it kill the recovery?

[rurallib]

The price of gas in my little town has jumped 30 cents in the past week.
I have been afraid that the oil companies will use their power to manipulate prices to hurt Obama's re-election.
Since they seem to have near impunity, there is nothing that will stop them.

Mom and Dad spending an extra $30/week at the pump could easily dry up what little money and enthusiasm there is for a recovery, I fear.

[Fumesucker]

1. Been going up for a few weeks now..

Personally I think it's going to continue to climb.

[JustABozoOnThisBus]

2. Republicans would love to see the recovery falter

because we've forgotten that BushCo got us into this mess.

So we'll be dumb enough to vote republican in November.

[rurallib]

3. this is my fear.

November gas is $4/gal so Obama gets blamed.

[taught_me_patience]

4. Your mom and dad use 100 gallons a week?

Most americans would experience a $2.75/week increase.

Figure 12k miles/year and 25 mpg. That would be 480 gallons/year or 9g/week *$.30 increase. Either your parents are using 10x the normal amount of gas or your math is off.

[rurallib]

7. I phrased that poorly. At $1 more per gallon

and Mom and Dad driving separately to work each consuming 15 gallons in a week - bingo - $30.
Whatever the premium may be though, most budgets are not ready for a steep rise in gas prices.

[taught_me_patience]

9. A 1$/G rise in gas prices will most certainly hurt the economy.

It would put gas at nearly $5/g here is California. Obama's approval ratings would also take a big hit.

[mrJJ]

5. Tis the season to gouge the citizens

HOVENSA announced earlier this month that it would shut down its St. Croix refinery in the Virgin Islands. Sunoco and ConocoPhillips have already announced plans to idle two refineries in the Delaware Valley.

Sunoco said it could decide to idle another refinery in the East Coast by mid-2012. The Department of Energy said those closures could “cut as much as 50 percent of current East Coast refining capacity.”

http://fuelfix.com/blog/2012/01/31/gasoline-prices-on-the-rise-as-refineries-close/

[AngryAmish]

6. Yes.

[gregtownsand]

8. f its five bucks a gallon by summer it will help Romney.

NT

[kestrel91316]

10. What recovery?