Economics
As Gasoline Nears $3 a Gallon, U.S. Economy Likely to Motor On
A customer pumps gas into a vehicle as reports indicate that the price of gasoline continues to rise, in Miami.
Photographer: Joe Raedle/Getty Images North AmericaThis article is for subscribers only.
Consumer spending in the U.S. is probably well-equipped to ride out near-$3 gasoline that’s made for the costliest driving in four years, though an extended and more pronounced increase could prove more challenging for the economy.
The price of regular-grade fuel has climbed 47 cents a gallon, or 19 percent, since the start of 2018, according to motoring group AAA. Pricier seasonal fuel blends and increased summer demand as families go on vacation have pushed the cost of gasoline to its highest since 2014. Nonetheless, the movement in prices from January through May is about in line with the average over past five years.