New Year brings highest gas prices in five years
The New Year could bring us the highest gasoline princes in the last five years. The average cost of regular unleaded is expected to reach $2.49 a gallon in 2017, up from $2.13 last year. That could mean drivers will be collectively shelling out $52 billion more at the pump than they did in 2016. The stronger jobs market could make higher gas prices a bit less painful to individual consumers, but it could take a toll on the overall economy. And consumers may have finally opened their wallets and spent money this holiday season, but a record amount of that spending went to online retailers. When shoppers finally showed up in brick-and-mortar retailers the foot traffic was driven by discounting. consequently experts say we should not expect to see any let up in store closings this year. Macy’s has already announced it will close about 100 stores this year and other department store chains may follow suit.