US gasoline prices hit an average US$3 a gallon for the first time in more than two years. The recent rise in crude oil prices continued as oil topped US$90 a barrel, setting the stage for even higher gasoline prices in the days ahead. This news could spell bad for the US economy, on a slow path to recover after the recession. Highers gasoline prices indicate that Americans have less money to spend elsewhere.
Crude oil prices have topped US$90 on reports that showed bigger-than-expected draws on US crude inventories.