Gasoline, Food, and School Supplies: How Rising Oil Prices Could Impact Your Wallet
· Telemundo McAllen (KTLM)
NEW YORK — Consumers, already feeling pressure since the onset of the war with Iran, may face a greater impact on their wallets after oil prices surpassed $100 per barrel on Thursday, amid renewed fighting and military attacks that have left global crude supplies stranded in the Middle East. This increase marks a shift from the lower oil prices briefly recorded when hostilities between the U.S. and Iran decreased in June. Brent crude, the international benchmark, last reached $100 per barrel in May. Companies that produce and sell fresh food, school supplies, and any products reliant on fuel transportation have already reported rising costs following the previous spike in energy prices after the U.S. and Israel attacked Iran. They are likely to continue passing some of those increased expenses onto consumers. "In general, when costs rise, companies quickly raise prices," said Miguel Gómez, director of the Food Industry Management Program at Cornell University. However, he added that "it takes longer to lower prices when costs decrease." This is how the rise in oil prices could continue to affect consumers' wallets.
AI summary · Source: Telemundo McAllen (KTLM) →
