$60 – oil's sweet spot

Rising crude prices shouldn’t derail any economic recovery, and may prevent a super spike later on.

NEW YORK (CNNMoney.com) — You’ve probably noticed it at the gas pump.

$1.88, $2.01, $2.21. Price data from the government over the last few weeks clearly show gas is on the rise. On Thursday it averaged $2.36 a gallon, according to the motorist organization AAA.

Gasoline prices rise with oil prices, which have also been on the march lately. On Wednesday they settled above $60 a barrel for the first time in six months.

There’s been talk that these rising oil and gas prices may derail any budding economic recovery, as consumers put more money in their tank and less into their local economy.

But most experts say $60 oil isn’t too much of a burden, and this mid-range price could ultimately prevent future spikes.

“This is a price level the U.S. economy can shoulder,” said John Lonski, chief economist at Moody’s Analytics. “It will not figure into the timing of the recovery.”

CNN