The Impact on U.S. Consumers of Every 1¢ Increase in Gas Prices: $1 billion

The average price of gas in the U.S. topped $4.01 per gallon on March 15, the highest level in almost a year and up 15 percent from mid-December. The rise was due, in part, to an improving economy and also to growing demand due to worries of an oil supply disruption in the Middle East related to the Iranian nuclear standoff. According to a Bloomberg News story, Bank of America raised its forecast for this year to $118 a barrel for Brent crude “to reflect better-than-expected global economic conditions and tighter-than-expected supplies.”

Bloomberg