Rising Oil, Gas Prices Could Slow Economic Growth

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Rising oil and gas prices are beginning to hurt the U.S. economy, analysts are warning.

The price of crude has reached $112 a barrel. Some analysts are predicting prices will $150 a barrel in the next few months

The spike in oil prices is being felt at gas pumps across America. The average price for a gallon of gas jumped 19 cents in the last three weeks.

According to a new Lundberg Survey, the national average is now $3.76 a gallon -- nearly a dollar higher than this time last year.

Experts say gas could hit $4 soon and perhaps $5 sometime down the road.

As a result, some economists are dialing back their growth predictions for the economy this year. Although companies are starting to hire again, rising gas prices threaten to slow those gains.

Meanwhile, the price of gold and silver are also setting record highs. Gold hit $1,476 an ounce, while silver topped $41 an ounce -- a 31-year high.

"Commodities across the board are rallying, aggravating the inflation outlook," said Chae Un Soo, a Seoul-based trader at KEB Futures Co. "For now, more and more investors are looking to precious metals as a shelter."

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