Energy prices are surging, and the economy is already feeling the pinch of higher fuel costs though it is far from stalling out.
There is an unusual coincidence of much higher oil, natural gas and coal prices, combined with other rising commodities and supply chain disruptions. That perfect storm of shortages and higher prices begs the question of whether the economy could go into a serious tailspin or even a recession.
Economists say, for now, the jump in prices is not the type of oil shock that will turn U.S. growth negative, but there will be economic consequences of higher energy costs, particularly in places like Europe where natural gas prices have skyrocketed.
Gas prices are on the rise and they have hit nearly $5 for regular and are now about $5.40 a gallon for supreme in Manhattan.
A Mobil station on 11th Ave. on the West Side had the eye-popping prices on Monday evening.
Gas prices have jumped across the nation as oil prices reach a 7‑year high.