Crude topped a record 75 dollars per barrel in New York trading Friday, five dollars up from a week earlier.
At the same time, US retail pump prices were topping an average three dollars a gallon (3.8 liters) in many places in the country, up 60 cents -- 33 percent -- from a year ago.
Consumers are getting squeezed. AP Reported "Self-serve regular averaged $2.91 a gallon, up from $2.67 two weeks ago, said Trilby Lundberg, who publishes the nationwide Lundberg Survey of 7,000 gas stations. Mid-grade hit $3 a gallon, up from $2.76, while premium climbed to an average of $3.10, from $2.86 two weeks ago."
Check out this Gas Price Google Mashup. Very Neat.
People are being financially squeezed due to the high gas prices. It is especially difficult for low income people and those who need to drive large distances. The more people spend on gas prices the less they have or are willing to spend on housing. This really is the 'perfect storm.'