Financial services company says surging oil prices are number one threat to economy
(CNN, KYMA/KECY) - Financial services company Moody's believes surging oil prices are the number one threat to the economy right now.
U.S. oil prices are approaching $90 a barrel, with global prices nearing $92 a barrel. Those are the highest levels in five months.
Moody's economists fear prices will continue to climb amid concerns that war in the Middle East could escalate.
This could have repercussions for November's election.
According to Moody's, if gas prices spike above $4 a gallon for more than two or three months, it could tip the scales in favor of former President Donald Trump.
On Friday, prices at the pump were $3.58 a gallon on average, according to the American Automotive Association (AAA).
