Rising gasoline prices: When US economic growth will take a hit

(FOX News) - When gas prices approach $3 a gallon they can be a threat to the economy, according to Wells Fargo's Investment Institute, but when gasoline prices climb above $3 a gallon, the effects are measurable.

Gasoline prices have risen by 18% year over year in the U.S., and the national average price has reached $2.96 per gallon.

Historically, year-over-year gains of 18% in gas prices and prices of $3 per gallon average gas prices have resulted in slower GDP growth.

But, both the price of gas and how quickly it has risen has impacted the U.S. economy. As for 2018, it is too early to say if rising gas prices have had an impact on the GDP growth rate, but history says that eventually they will.

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