ST. LOUIS (KMOV) – Oil prices are finally coming back down, but don’ t expect to see an immediate drop at the gas pump.
The skyrocketing cost of gas is already taking a toll on the economy, and Christina Romer, one of President Obama’s former economic advisors at Washington University in St. Louis says the rising prices are starting to have small effects on getting Americans back to work that could ultimately be detrimental.
St. Louis University Professor Jack Strauss says watching gas go up this week seems to be signaling bad news for the economy because higher oil prices usually mean higher prices for retail, grocery and transportation, which can mean less hiring.
"The fact that gas prices jumped 20 cents over the last two days and over a dollar in the last three months - that's a significant effect on the consumer’s pocketbook,” says Strauss. “[This means] the job recovery which was already tenuous is already taking a step back."
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