I’m sure that everyone has seen our gas prices skyrocket within the past few weeks, and gas is about $4.50 for a gallon now which is crazy. So how does the high cost of gas effect people’s lives?

Higher prices at the pump can mean that consumers will drive less, which is not good for the economy. Gas is a very important input for transportation, which directly impacts households as they drive, but also businesses that rely on logistics and transportation chains around the globe. Steeper fuel prices also lead to higher inflation. At the same time, since more people aren’t going out, online retailers are thriving right now, which is a good thing, but at the same time, that is a bad thing because malls and other shopping centers are barely making any money. These gas prices are going to continue to rise until Russia decides to calm down.