Fuel is a problem for business and consumers — Why prices are so high


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…


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