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Budget Agreement Could Mean Higher Gas Prices

Just the news of President Obama cutting short his Hawaiian vacation to head back to DC to deal with fiscal cliff issues, sent benchmark crude up 40 cents. Back down 5 cents on reports of a stalemate.

Failure to reach an agreement before Jan 1 would lead to spending cuts and tax hikes that could send the country back into recession. Otherwise, the economy for 2013 is expected to improve. That would be positive for oil/gas consumption.

A good thing for oil & gas. Not so much for the rest of us.

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