Why $90 Oil Won't Hurt as Much as You'd Think
CNBC Senior Commodities Correspondent & Personal Finance Correspondent
Gallon Reg. Unleaded Gasoline
Retail gasoline prices have slowly started to climb, up 4 cents since Tuesday, even as gasoline demand is at seasonal lows and refiners are making a cheaper winter grade gasoline.
Stephen Schork of the well-regarded energy newsletter The Schork Report says if oil prices are this high as gasoline demand ramps up for the winter holidays and Black Friday, retail gasoline prices will likely soar.
The worse may be yet to come. Zandi says if oil prices are still near $90 this spring, when the housing crisis is at is worst, consumers WILL definitely feel it. "The problem isn't now, it's then," he says.