Gasoline increases will take a little while to sink in. I'm guessing they are doing so now and people will start to cutback their spending. Economic slow to follow. This could be a disaster come November/
Just like they did last summer when gas hit $3.00 a gallon? It sure is taking a long time for high fuel prices to hurt our economy. The CPI less energy is 2.2% over 12 months to March -- the same as in 2004. The PPI less energy is up 0.7%. Import prices less energy also up 0.7% over 12 months. Not too bad. Welcome to FR, btw. You'll find many here who share your doom.