Daily Briefing: Mon.
CRUDE AWAKENING: Gas prices have risen faster this year than ever before, the LA Times reports today, and it's not coming at the best time for the economy. The past year has already been a long, strange trip for the price of gasoline, which ballooned past $4 a gallon last summer only to suddenly fall back below $2, softening the blow of a festering recession. But even as economic hope glimmers on the horizon, few American consumers were ready for gas prices to soar 56 percent since January, including a 17-cent jump in the last two weeks that's pushed the national average up to $2.66. Prices are rising even as demand dwindles, which many experts say is a result of speculators investing in oil to hedge against the weak U.S. dollar. While it's short-term bad news for the economy, it may ultimately help the climate by encouraging more people to take mass transit or buy more fuel-efficient cars. (Sources: Los Angeles Times, Associated Press, CNN)
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