The price we're paying at the gas pump may be just a trickle compared with the flood of price hikes in everything else because of high fuel costs.
Deborah foy says near $4 a gallons gas is busting her food budget, especially perishable items like dairy, fruits and vegetables. Like just about everything else is trucked into the area and that means fuel costs get added to the cost. In the past 12 months, the prices of food have risen nearly 5% percent and housing almost 4% percent. The cost of shipping furniture and other so-called durable goods has almost doubled, and companies are now adding extra charges because of their fuel costs.
Becky berry directs the center for business and economic research. She can't think of anything we buy or use that won't be hit by rising fuel prices. Nine out of ten americans recently surveyed believe they'll continue to feel the squeeze. But berry says consumers will adapt, however, painfully adapt their spending habits. If we use less fuel and supply increases, the price will drop.
Thursday night on ktbs 3 news at 10, jim roberts takes a look at the future impact of rising fuel prices. And what some people are doing to keep their retirement and savings from getting tanked.