New York CNN —
The US jobs market is on fire. Consumer spending is strong. And the economy is growing at a brisk pace.
But there is a growing threat to that sunny economic backdrop: surging oil prices.
US oil prices are rapidly approaching $90 a barrel. Global oil prices are flirting with $92 a barrel amid worries about a wider war in the Middle East. And this has lifted gasoline prices to their highest levels in five months.
The risk is oil prices keep climbing, hurting consumer spending and undoing the meaningful progress
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