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As the average price of gas nationwide topped $5/gallon early Saturday, surging fuel prices across the United States are creating new strains for millions of consumers and businesses, while compounding intractable political challenges for the Biden administration.
The spike in gas, oil and diesel prices has saddled all kinds of businesses with higher costs that will force them to raise prices on their customers and pull back on new investments. It risks a slowdown in consumer demand, as households cut back on other expenditures to accommodate their new fuel costs. Gas purchases on their own make up only a relatively small portion of most families’ budgets, but energy is so crucial to the functioning of the economy more broadly that the price increases bring along higher prices in many other sectors.
Pump shock: Why gas prices are so high
The soaring prices show no sign of abating in the immediate…
