Gas prices rose for the eighth straight day and the price per gallon of regular is above $3.85 nationwide. The price is over $4 in seven states, which includes the most populous — California
Recent polls from Gallup indicate that as many as 30% of Americans will need to change spending habits if gas rises above $4. The rising price of gas is considered the most like cause of a new recession.
WTI crude has traded above $100 for weeks. A large number of traders think oil could rocket above $125 if Iran tries to close the Strait of Hormuz as a reaction to sanctions due to its nuclear weapons program.
That would create an economic disaster.