Gasoline Prices Rising

shahram sharif on flickr

"Gasoline prices are about six cents shy of re-testing the $3-a-gallon threshold for the first time since mid October 2008. On a national average basis, prices at the pump are up 26 cents from a year ago — effectively draining about $25 billion out of household cash flow. Tack on the coming extended and emergency jobless benefits that lapse at the end of the month and you are talking about at least another $30 billion of lost income for the personal sector in the four quarters. These two effects come to a 1.5 percentage point negative influence on fourth quarter GDP."

Source: Gluskin-Sheff