Oil continues its rise, threatening US growth
The price of oil has surged 12 percent the past six weeks, pushed up by tensions with Iran, a cold snap in Europe and rising demand from developing nations. The surge is hitting home. Oil is raising the price of gasoline for American motorists. It’s also making diesel and jet fuel costlier for shippers and travelers. That could crimp already modest growth in the economy. “It’s an additional burden on already burdened households.’’ says Judith Dwarkin, Chief Energy Economist at ITG Investment Research.