Pain at the Pump: Oil Prices on Rise Again

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WASHINGTON -- Americans may need to get ready to dig deep as the price of oil is once again on the rise.

Experts predict resulting higher gas prices will be bad for consumers and the overall economy.

Hold off on that Summer Vacation

If warm springtime weather is inspiring you to make summer vacation plans, you may want to consider budgeting more money for transportation.

After recessionary lows, gas prices are back on the rise.

The price of oil has hit $87 a barrel, the highest level since October of 2008. And nationally the average price of gas rose seven cents last week to $2.86 per gallon.

Some states like California are already are seeing gas prices well above $3. The spike has motorists, once again, rearranging their schedules.

"It's shorter trips or no trips at all or start planning differently," said California resident Valery Ozeta.

"I sort of still pretend it's three dollars, though it is creeping beyond that," motorist Michael Schlitt said.

Impact on Global Economies

Although higher gas prices are typically the crude reality of summertime demand, this is no ordinary year.

As prices increase, so do concerns they will slow the world's economies just emerging from recession. That's because some economists believe triple digit oil prices in 2008 helped tip the nation's slowing economy into a recession.

For now, all motorists and businesses can do is prepare to pay more.

"I am a little bit lucky,"motorist Dan Simonds said. "Most of the driving is business. And I get reimbursed for it. But, yeah, it hurts."

Meanwhile, as the weather heats up, higher gas prices are sure to increase pressure on the president to allow more drilling for oil off America's coasts.

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Jennifer Wishon

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Jennifer Wishon is the White House correspondent for CBN News based in the network’s Washington, D.C. Bureau.  Before taking over the White House beat, Jennifer covered Capitol Hill and other national news, from the economy to the 2010 oil spill in the Gulf of Mexico.  Follow Jennifer on Twitter @JenniferWishon and "like" her at Facebook.com/JennWishon.