Pay attention...
NEW YORK (CNNMoney.com) -- As anyone who's been to the gas station or supermarket lately knows, the prices of fuel and food are on the rise.
And you haven't seen anything yet, some experts say.
Gasoline now costs an average of $3.15 a gallon, seven cents shy of the record set last May, according to AAA. But with crude oil prices closing at an all-time high of $100.88 a barrel on the New York Mercantile Exchange Tuesday, it's only a matter of time before drivers see it hit another record at the pump.
Within a few weeks, gas could cost $3.50 a gallon and, by spring, the price could hit $4 in some locations, said Peter Beutel, an oil analyst at the consultancy Cameron Hanover.
The high cost of gas is helping fuel a surge in food prices. Higher transportation expenses, along with growing demand for agricultural exports from the United States and increasing need for corn-based ethanol for gas supplies, has sent commodity costs soaring.
Last week, the federal government reported that the Consumer Price Index rose a greater-than-expected 0.4% in January and 4.3% over the past 12 months, mainly because of higher food and energy costs. Food and beverages jumped 4.8% for the year and transportation soared 9.4%.
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We must see the great distinction between a reform movement and a revolutionary movement. We are called upon to raise certain basic questions about the whole society.... What America must be told today is that she must be born again. The whole structure of American life must be changed.
~Martin Luther King
If we don't change our direction, we'll wind up where we are headed.
~old Chinese saying
Better to sleep with a sober cannibal than a drunken Christian.
~Herman Melville
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