Surging Oil Prices Top Threat to Economy, Could Help Elect Trump If Gas Tops $4
-
Surging oil prices are the top threat to the US economy right now, potentially hurting consumer spending and undoing progress on inflation.
-
If gas prices spike above $4/gallon and stay there, it could have enormous political consequences and help Trump get re-elected.
-
Oil prices have surged over 20% this year due to war and geopolitical tensions in the Middle East around Iran.
-
Higher oil and gas prices would worsen upcoming inflation readings, which could cause the Fed to delay interest rate cuts.
-
While risks are growing, some experts don't expect gas prices to hit $4/gallon nationally unless a major hurricane damages US refineries.