Gas Prices Rise: Good or Bad for the Economy?

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Prices at the gas pump are on the rise.

Reuters reports gas prices shot past $2.60 for the first time in almost eight months. Prices have gone up ten cents in the past week alone.

Analysts tell the New York Times the high gas prices could hurt the economy and stop the recent up-tick in consumer spending.

Refinery problems are causing particularly expensive gas in the Midwest.

The state with the highest unemployment rate is also paying the most for gas. Drivers in Michigan are paying about $2.93 a gallon.

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