Today crude oil futures hit a new 17 month high, closing at $86.75. It has been a whirlwind for crude oil futures over the last couple of years. In the summer of 2008, oil prices traded as high as $147 a barrel and gasoline prices at the pump topped $4 per gallon. As the economy went into the tank in late 2008 and early 2009 the price of crude oil and gasoline dropped quickly. Crude oil futures plunged below $45 a barrel and gasoline went slightly below $2 per gallon. Fast forward to today, and crude oil prices have doubled from their low and gasoline prices are on the rise.

The writing is on the wall, gasoline prices are certainly going to cross $3 per gallon soon. The extra money you had in your budget because of the drop in gasoline prices is going to go away, and once again travel expenses are going to start causing many consumers headaches in the next few weeks and months. The biggest negative about this news is that summer driving season is coming soon, and prices are almost assured to be higher then, which will hurt vacation spending as well. It is all a vicious cycle that has the potential to slow down the economic rebound that appears to be underway.

As a wise consumer, I strongly suggest you start finding places to cut your expenses little by little to account for the higher costs of travel that are coming soon. Find areas of your budget that you can cut back ever so slightly to make a small differences. Those small differences will quickly add up to a significant amount over time. The sooner you start making changes in your spending habits, the better prepared you will be when these prices continue to rise in the months ahead. Preparation is a huge key to financial success, so start getting ready today!

Across the nation gasoline prices have been dropping like a rock of late. Just a month ago the average price at the pumps was about 80 cents higher than it is today, and about six months ago the average price per gallon of unleaded fuel was more than double today’s national average price of $1.89. It is basically the tiny glimmer of good news that consumers have gotten in the last few months as our economy seemingly comes crashing down right before our eyes.

Why have gas prices gone down so much? The reason crude oil and gasoline prices have come down so much is one of the main reasons the stock market has dropped so much, the fears of a massive global recession. Oil is far from immune to a large scale global recession and at this point it seems that oil traders are fearing the worst.

As you walk around the streets of America today you will hear a lot of people talking about the economy that normally would talk very little about the topic. It clearly is the in topic of the current time, and for good reason. The talk of gasoline prices plunging lower is spreading and many Americans are now faced with what to do with this new savings they are receiving each time they fill up at the pump. I suggest to you to be extremely conservative with the money that you save at the fuel pumps in the coming weeks and months. The fact that gas prices are coming down are comforting to consumers, but the real reason gas prices are coming down are truly not good for the overall economy and our nation’s economic well-being. American consumers would be far better off saving up that money and investing it into something simple like a savings account or cd rather than deciding this is the all clear to go back to driving much farther distances and not saving conserving fuel. Keep conserving the fuel and reaping the rewards of those savings, with the economic picture currently in place you can’t afford not to!