MIAMI — War-related gas price increases are already hurting Uber driver Cebonneur Jean and small business owner Richard Gotshall.
Albert Williams, a professor of finance and economics at Nova Southeastern University, was concerned about South Floridians forced to live paycheck to paycheck.
“Oil impacts everything that we do as human beings,” Williams said. “It impacts grocery prices, it impacts traveling ... going back and forth to work.”
The shipping industry can’t get through the Strait of Hormuz, where a fifth of the world’s crude oil travels. This impacts the world’s prices.
The price of crude oil was over $110 a barrel on Monday. Jean was worried about how much higher filling up his tank was going to get.
“It’s hitting my pocket,” Jean said. “It used to cost me $40 to fill up my tank — now it’s $65.”
The price of diesel, which is made out of crude oil, was increasing faster, which is certain to impact the supply chain and inflation. Gotchall has a roofing company.
“We’ve got 35 trucks on the road,” Gotchall said. “Every one of them; I’m going to face that cost.”
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