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NEW YORKÂ (CNNMoney) — Stocks fell sharply Wednesday, as energy and materials stocks were particularly hard hit by a sell-off in oil and gasoline futures.
“Commodities are getting crushed here, and it’s taking the whole market with it,” said David Rovelli, managing director of U.S. equity trading at Canaccord Adams.
Read the full article at CNNMoney.
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Gas prices have been spiking for weeks and $4 gas is quickly becoming a reality across the nation.
Illinois became the latest state to succumb, with motorist group AAA reporting Tuesday that the average price for a gallon of gas in the state had hit $4.03 a gallon. On Wednesday, the average price in Illinois nudged up to $4.04 a gallon.
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Here we go again. Gas prices are soaring and might top $4 a gallon, possibly reaching record highs this summer. Analysts blame the price surge on unrest in the Middle East and seasonal demands.
“It’s awful,” said Harold Metzger of Lampeter, as he pumped fuel into his work car’s tank Thursday outside of East Petersburg. “It’s ridiculous.”
Local prices already have started their climb, jumping 23 cents in just the past week to an average of $3.41 a gallon for regular gas as of Thursday, according to the AAA Daily Fuel Gauge Report.
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