Oil Prices Soar, Fueling Inflation and Economic Strain

0:00Stay informed in two minutes or less with Durham News today from the Daily News now. Crude oil prices topped $110 a barrel on Monday, the highest since 2022, thanks to the Iran War disrupting global. Energy supplies. Drivers are already noticing higher costs at the pump, with gasoline prices jumping across the country. In California, averages hit $5.20 a gallon, up 12% from last week, while Louisiana stayed lower at $3, and four cents due to local refineries. Diesel fuel also surged to $4.65, a 23% rise since the war began, hitting trucks and shipping hard. Consumers bill it beyond cars, as higher fuel means pricier shipping for nearly everything from food to goods. Experts warn this could slow down logistics, raise fuel surcharges, and drag on the economy as ships and trucks ease off. Some heating and natural gas bills may climb too, along with plastics and fertilizers

1:01made from those resources. Grocers could follow if prices stay high for a month, especially fresh items that need quick transport. Economists predict this pushes monthly inflation toward 1% soon, nearing 3% yearly, squeezing budgets and cutting spending, particularly for lower income families who spend about $50 weekly on gas. Quick thanks to today's sponsor, see the description for more. Some travel miles to find peace. I just climb into bed and listen, S-O-L-I-SoliPillow.com.