Somewhere around $4/gallon, which is where we’re at now, the American economy starts to shut down. People start driving to work, to church, and to the grocery store, and that’s all of it.
Worse than that, it’s where people begin to default on debt that they took on because they could ‘afford the payment’, because they can’t anymore now that they’re spending every spare dollar on gas to get to church, work, and the grocery store. And don’t forget everything at the grocery store going sky high at the same time. Things are about to get really ugly. It’ll take a few months to materialize, but it’s coming.
Gas went from 3.99 to 4.15 here in North central Ohio.