(Image source: Daily Pak)

BY: GEORGE DUMONTIER

ANCHOR: AUSTIN KIM

These days - filling up the tank means emptying out the wallet.

But rising gasoline prices has grabbed the attention -- and worry -- of some economists.

“Prices really have risen too far and too quickly and that has impacted demand. I would also say that inflation in many emerging markets has been running extremely strong over the last few months." 

Some are asking how rising oil prices could affect the the struggling U.S. economy. According to a columnist for The International Business Times, the outcome isn’t clear, but every penny counts.

“No one knows precisely at what point oil begins to substantially hinder consumer spending and slow commercial activity - but … every 1 cent increase in gasoline decreases U.S. consumer disposable income by about $600 million per year.”

In June--President Barack Obama released 30 million barrels out of the nation’s oil reserves, resulting in a temporary price drop -- but since then, prices at the pump have continued to rise.

And a writer for the The Boston Globe says -- it doesn’t look like there’s relief in sight.

“Americans are paying about 15 cents more for a gallon of gas now than they did over the July Fourth weekend and nearly $1 more than a year ago. … Analysts expect gas prices to be fairly consistent over the next few months ... before they climb again next spring.”

According to the International Energy Agency’s latest report, global demand is part of the problem.

“...growth in global oil demand will likely outpace increases in production capacity and create a ‘tighter market’ than what the IEA expected back in 2010. As the IEA sums it up, ‘[the] market will ultimately adjust to higher prices.'"

And The Wall Street Journal notes -- as other countries continue to industrialize, it’s only going to get worse.

“China’s and India's 2.54 billion population has a strong driving demand for oil and energy to meet the needs of it's economic growth." 

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Transcript by Newsy.