Rising Oil Prices Pose Economic Threats As Gas Nears $4/Gallon

Oil and gas prices are rapidly rising, with US oil nearing $90/barrel. This poses a major economic threat if the rally continues.

Higher gas prices hurt consumer spending and confidence, and could force the Fed to delay rate cuts and unsettle markets.

The price spike is driven by Middle East tensions, especially potential Iranian retaliation over recent attacks. This raises supply disruption fears.

Gas prices are already up to $3.58 nationally and could near $4/gallon. That could tip the election to Trump.

Experts say oil would likely need to hit $115-$130/barrel to trigger a recession. But inflation readings will worsen, complicating Fed rate decisions.