Americans May Not Be Able To Afford Higher Gasoline Prices

American consumers are already tapped out, they are loaded up with debt, they have part-time, low paying jobs and americans drive a lot. I mean, more than any other people we a re dependent on our cars. We don`t have a really great public transportation system, a lot of americans have to drive a long way to get to their low paying jobs and they may not be able to afford higher gasoline prices.

Related: Valero Energy (VLO), Tesoro Corporation (TSO)

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.