A sign displays gas prices at a gas station on May 10, 2022 in San Mateo County, California.
Liu Guanguan | China News Service | Getty Images
The surge in gasoline prices is impossible to miss and at the top of consumers’ minds as large billboards announce that gas now costs $4, or $5, and even above $6 a gallon in some places.
With prices at record highs, Americans are feeling the impact at the pump immediately. But higher fuel prices are a headwind for the wider economy too, beyond just consumers having less spending money. Rising fuel costs — especially diesel — means that anything transported on a truck, train or ship is affected.
Energy costs are a major contributor to the…