One expert warns consumers could become 'more nervous than they are already.'
The drone attack on Saudi Arabia oil fields came at a particularly vulnerable time for the U.S. and global economy.
Companies could also be cautious about making investments, like expanding capacity and hiring more workers. Rising gas prices in the early 2000s, coming as they did on the back of the subprime mortgage crisis, contributed to the Great Recession, he said. Consumers spent $2,109 on gas, motor oil and other fuels last year, up 10% since 2016, according to the Bureau of Labor Statistics. Oil prices surged Monday, with barrel prices up 14%, marking the steepest daily rise in more than 10 years.
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