We’ve said it once and we’ll say it again — the economy gets a big boost when we consumers are out spending our hard-earned money on stuff. So when we hear that spending is up, the first reaction is “Yay!” But this latest uptick in spending seems to be mainly because gas is so gosh darn expensive, not because we’re making any more money at work. Blurgh.
So maybe you thought the gas prices had finally stopped ticking upward, but if you were entertaining that line of wishful thinking, well, you’re likely to be disappointed. The Energy Department is predicting that gas prices will rise about 6% this summer, up to 24 cents more a gallon during the peak driving season.