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Stock impact report

'The energy tax': Analysts weigh impact of surging gasoline prices on inflation, consumers [Yahoo! Finance]

M&T Bank Corporation (MTB) 
Last m&t bank corporation earnings: 4/20 06:37 am Check Earnings Report
US:NYSE Investor Relations: finance.yahoo.com/quote/m
Company Research Source: Yahoo! Finance
Gas prices have gone up by nearly $1 in just a month, topping $3.92 per gallon, according to AAA data. At this pace, analysts foresee $4 gasoline arriving within days. Meanwhile, Americans are spending roughly $370 million more today on gasoline than they were a month ago, according to GasBuddy data. "For most consumers, you can't avoid gasoline price increases. It functions like a tax, very similar to a tariff," said Luke Tilley, Wilmington Trust chief economist and the Philadelphia Federal Reserve's former economic adviser. Read more: How oil price shocks ripple through your wallet, from gas to groceries "Because we have normal wage growth and essentially no job growth, this is going to end up weakening the consumer. They'll pull back on services. They'll pull back on everything other than gasoline." Deutsche Bank senior US economist Brett Ryan weighed in on what many call the "energy tax," calculating that for every $10 rise in oil prices, gas jumps roughly 25 cents. Wit Show less Read more
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