Will dizzying gasoline prices slam the brakes on the U.S. economy this summer? Derek Burleton, senior economist at TD Bank Financial Group, and Jan Stuart, UBS oil economist, agree that prices will rise -- but aren't sounding any alarms yet. The two joined "Power Lunch" to talk about the pump's impact on the economy.
On Thursday, the American Automobile Association warned that it foresees record highs for gasoline prices by May's end. And with gasoline already topping $3.50 in certain areas, some analysts have predicted $4-per-gallon gasoline this summer. But Burleton told CNBC's Sue Herera that "you need a sustained increase, not just a pop-up to four on average."