The average retail price of gasoline and diesel both jumped dramatically this week rising to record levels.
The average price of gasoline increased nearly 11 cents a gallon to $3.722 a gallon. That's 62 cents more per gallon higher than last year at this time.
And diesel prices rose 18 cents to $4.331 a gallon, up $1.558 from last year at this time.
With gasoline prices up over $1.50 over the past 18 months, Americans are really feeling the pain at the pump. That $1.50 rise means a $1,500 increase in gas costs per year ($1.5 * 20 gal * 52 week). That's $30 each week less to spend at the store for food or other necessities.
But higher pump prices also means higher food prices too as the impact of higher energy costs hits every sector of the food business. From the farmer in the field to the truckers on the road to the store clerk stocking the items on the shelves. Higher energy costs play the biggest role is rising food prices.
And as much as higher gas prices hurts average Americans, higher fuel prices are crippling to other world economies. Millions of dollars are being spent by impoverished countries for higher fuel costs. Quite literally, their food money is being spent for fuel rather than food. And those countries generous enough to offer food aid are seeing their money spent on even higher transportation costs, thus reducing food aid as well.
"Fuel or Food", that's the real question facing us all.
Source: US Department of Energy
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