American middle class consumers are enjoying the strongest wage growth in a deca...
- American middle class consumers are enjoying the strongest wage growth in a decade, but higher gasoline prices are eating a good chunk of that increase for many, and it looks like pump prices are headed higher.
Gasoline pump prices have already jumped about 25% this year, the fastest rate in three years. Trump administration sanctions against Iranian crude oil exports had something to do with that, and this week’s move to tighten sanctions could soon send prices even higher. “It’s an important part of consumers’ psyche,” Mark Zandi, chief economist at Moody’s Analytics, said of a further rise in energy prices. “They live with it everyday.”
Those bigger paychecks helped pay for costlier gasoline after the Organization of the Petroleum Exporting Countries and allied producers including Russia reduced output to prop up prices. Retail prices for regular gasoline have risen around 55 cents a gallon so far this year from $2.30 at end of 2018, according to AAA, an automotive advocacy group.
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