Just when it looked like people were more willing to spend money again on non-essential items—and on more essential (but deferrable) purchases like new cars—rising prices at the pump could grind some aspects of economic recovery to a halt.
After a major price spike in summer 2008, when prices topped $4 a gallon on a national average, gasoline prices plummeted at the end of 2008 to well under $2 then after a quick rise to about $2.50 have risen only gradually until about a month ago. Prices have risen about 40 cents a gallon over the past month.
Although prices this time aren't expected to spike with the volatility they did in 2008, many analysts haven't ruled out $4 gas this year—especially after political events in the Middle East and North Africa.
