High Price of Oil Rippling Through the Economy

"During the past year, the robust economy absorbed much of the increase in energy costs. Competition for consumers helped, and kept many businesses from passing along the spike in fuel costs. But with gas prices hovering around new record highs, and the cost of diesel keeping pace, many businesses are finding they can no longer absorb the increased costs...

Higher gas prices affect SUV and truck sales on several levels. 'It reduces the amount of generally available disposable income for consumers, it decreases the resale values of SUVs because they are less fuel efficient, and it makes the current operating costs more expensive,' says Steven Szakaly, an economist at the Center for Automotive Research in Ann Arbor, Mich."

Thanks to Michael Dudley