Catastrophic? Ha..!!
Earthquakes, tornadoes, hurricanes, floods, exploding mountains can be catastrophic....$2.00 per gal. gasoline...is hardly catastrophic.
FWIW-
How much are you all paying -- I paid $1.68 for regular yesterday. Price per gallon is cheaper than a gallon of milk and has been so low for years that oil production has suffered in this Country.
You know, not everyone makes what you and I do. Some people scrape by. In places like southern Claifornia where people can drive over 100 miles each way to work each day, that $2.25 per gallon becomes major.
Wen we see the full effects of that $53.00 per barrel, we're going to see gas prices skyrocket.
In the past, moves in the price of oil have run up prices by $1.00 or more per gallon. Since the price hit $40.00 per barrel, we haven't seen much of a rise. I predict $2.75 to $3.50 per gallon by spring. If two family members have a big commute, this can amount to a lot of additional outlay.
What happens to prices of just about everything when gas prices escalate? Gas prices aren't the only thing affectd.
This is bad for inflation. It doesn't bode well for our economy.