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Gas prices at the pump have already climbed above $4 a gallon in places like Fresno, Calif. But the worst sticker shock is being felt, and paid, by drivers in ****'s Kitchen, the Manhattan neighborhood where a Mobil station on 11th Ave. has raised its cash price to $4.999 per gallon (more for credit), significantly higher than the average for the five boroughs.
According to AAA, the average price in New York City is $3.18 a gallon. Across the Hudson River in New Jersey, the statewide average is $3 after former Gov. Chris Christie saddled the state with a huge gas tax increase when gas prices were still low. The national average is still $2.93 - up 12 cents in the past two weeks, or nearly a penny a day.
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Fmr Hedge Fund Manager: “Get Out of Cash Now”
Gas prices have been soaring as peak driving season approaches, pushed higher by President Trump's decision to scrap the Iran deal, a decision that's widely expected to remove hundreds of thousands of barrels of Iranian oil from the global market.
Tuesday - DoubleLine - Webcast - Jeffrey - Gundlach
On Tuesday, in his latest DoubleLine webcast, Jeffrey Gundlach warned that prices are now high enough to pressure growth: "At what level will oil have a negative effect on the consumer? I'd say right about now," Gundlach said.
While oil's rally has been strong in dollar terms, both Gundlach and Mark Cudmore, an analyst at Bloomberg, pointed out how the strengthening dollar has made the impact of higher oil prices that much more punishing in foreign currency terms.
WTI - Dollar - Rally - Oil - Currencies
WTI pushes over $70/barrel even as the dollar continues its rally. Just think how much oil is soaring in other currencies!
Meanwhile, rapidly rising oil prices are hurting consumers and businesses with rising costs. As Cudmore explains, oil prices have risen too far, too fast and are rapidly increasing costs...
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