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As Gas Prices Near $5 a Gallon, Record Fuel Costs Upend Businesses, U.S. Economy
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As U.S. gasoline prices approach a record average of $5 a gallon, fuel costs are rippling through almost every corner of business, with signs emerging that the rising expenses are beginning to alter consumer behavior.
The price of regular gasoline averaged about $4.97 Thursday, up about 26 cents from the prior week and nearly $2-a-gallon higher compared with this time last year, according to AAA. The steady climb in prices comes as the U.S. economy’s recovery from the pandemic has let loose pent-up demand for travel, by road and by air, and with many returning to work commutes.
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