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NEW YORK (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.

Read the CNNMoney article.

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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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More speculative bullshit? How Middle East unrest could lead to lower prices

March 1, 2011

Vast liberalization and democratization in the Middle East could be positive for oil production in the long run. Just look at what happened in Russia and Iraq. The price of oil is already indicating to us that the current turmoil in the Middle East will not be resolved in the short term. Prices of most […]

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Economy faces four new dangerous threats to growth, including spiking oil prices

February 25, 2011

Just when the U.S. economy seemed to be getting its footing, a number of new obstacles risk tripping it up. A spike in oil prices due to spreading unrest in the Middle East is the highest profile problem, but not the only one.

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