"Gasoline prices have jumped another nickel, to 55 cents a gallon more than a year ago, according to a study published Sunday.
The average price for a gallon of regular is $3.18, the Lundberg Survey found. That's up 5 cents from two weeks ago, publisher Trilby Lundberg said.
"That is a significant bite for motorists considering the continued deep unemployment," Lundberg said.
And it comes amid a "very wide and deep glut of gasoline supply," she added...
...Gas prices may rise another nickel or dime in the coming weeks, Lundberg said. "It would of course be far more if Middle East problems augmented and caused oil prices to skyrocket," she said."
In 2008 oil hit $147 a barrel and sparked an economic meltdown. Now, with a radically different economic reality, with unemployment and under employment at nearly record highs, with home values still falling, with the dollar being purposely devalued by the Fed and with revolution in the air oil won't have to get anywhere near its historic high. So when does the ax fall? $110? $120? $130? I don't know. What I do know is that this country cannot withstand higher oil prices. We're teetering on the edge and this will push us over.
Pray and prepare.