Americans Warned Rising Gas Prices Are 'Just the Start'
Millions of Americans are once again feeling the pain at the pump after strikes on Iran from the United States and Israel sent oil prices skyrocketing.
Prices last week recorded their biggest three-day increase since Hurricane Katrina ravaged New Orleans more than two decades ago. According to CNBC, this month, gas has seen its steepest 10-day spike on record.
Gas Prices Jump 22% From February to March
As gas prices continue to escalate, gig workers like those who drive for Uber, are feeling the pain.
“For a segment of gig workers, increasing gas prices are not only immediately painful, but also can sort of inject some fear in their day to day,” Elizabeth Renter, senior economist at financial education platform NerdWallet said.
The average price of unleaded gas jumped 22% over the last month to about $3.59 per gallon on Thursday, according to AAA.
"To help offset rising prices, the U.S. announced it will release 172 million barrels of oil from its strategic reserves over four months," AAA wrote. "The move is part of a broader effort by the International Energy Agency to release a total of 400 million barrels of oil, the largest emergency release in its history."
Americans Warned Rising Gas Prices Are "Just The Start"
Elisabeth Buchwald, an economics reporter for CNN, warned Americans that rising gas prices are just the start, with higher prices at grocery stores incoming.
"Grocery stores are one of the first places consumers will see the effects of higher fuel prices – specifically the produce, meat and dairy aisles," Deborah Weinswig, CEO and founder of Coresight Research, a supply chain and retail research and advisory group, told CNN.
Less shelf stable items like produce, meat and dairy are more vulnerable to price increases because they can't be stockpiled.
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source https://www.mensjournal.com/news/americans-warned-rising-gas-prices-are-just-the-start
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