You have been enduring an era of Bidenflation for a little more than a year now, and you’re used to watching prices climb ever higher. But what’s happening to fuel prices right now is shocking no matter how accustomed you are to inflation. The problem with fuel price inflation is that sooner or later, it hits everything that moves. Just imagine what will happen as higher fuel prices hit an already stretched-thin trucking fleet, and those costs are pushed on to grocery stores and retailers. Ashley Soriano reports for FoxBusiness:
Many Americans are penny-pinching as the cost of food – and just about everything else – has gone up.
As of Tuesday morning, the average price truck drivers were paying at the pump for diesel was $4.77, according to SONAR, a fuel tracking company.
That’s the highest price for diesel since 2008, and it’s not far off from reaching an all-time record high.
Industry experts say it will only get worse before it gets better.
“Anything that goes on a truck from shipping and logistics is going to see the pain,” said Patrick DeHaan, head of petroleum analysis at GasBuddy.
Seventy-two percent of goods in the U.S. are shipped by truck.
That includes the food we get from grocery stores, the heating oil we get to heat our homes, and everything in between.
“The cost of anything shipped is going to go up dramatically. This cost is certainly going to get passed along to grocery stores, hardware stores, everyone,” DeHaan said.
The cost has already been passed along to Robert Hall.
He co-owns Great American Pizza and Subs in Golden Valley, Arizona.
His pizza shop is popular among locals and truck drivers passing through.
“We love our truckers because they bring us goodies. Without truckers bringing everything around the country, you’re going to be missing out on a lot of stuff,” Hall said. “If you’re wearing it, eating it, you’re looking at it, a truck brought it to you.”
Now, Hall is paying more to get his food delivered and may have to raise the price for customers.
“By the truckers’ (diesel) going up and the gas going up, people are going to feel the crunch. If they don’t feel it right now, it’s coming,” Hall said.
Action Line: If you’re retired or soon to be retired, you need to build your investment portfolio with inflation in mind. If you need help, I would love to talk with you. If you would like to get to know me before we talk on the phone, there’s no better way than signing up for my free monthly Survive & Thrive letter. In the letter each month, I encourage and push you to achieve the personal and financial security goals you’ve set for your family. Click here to subscribe. We’ll get to know each other, and get serious about your future success.
E.J. Smith - Your Survival Guy
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