The sudden snapback in oil prices is helping to dash hopes of a sudden plunge in gas prices this summer.
And if you think high prices at the pump are a drag now, just wait.
Anxiety hasn’t even peaked yet.
CIRA’s Economist Steven Wieting expects consumer anxiety over gas prices to increase further in the coming months as seasonal demand for gasoline picks up and pushes gas prices higher. We are concerned about the psychological effect that this could have on consumer spending, and we may see retail sales impacted to a greater degree than is suggested by the actual loss in discretionary income.