The price at the pump is more than a sticker shock, it is a life changer. When the price of fuel accelerates, consumers put the brakes on spending. Our lives revolve around transportation. First we had the pandemic, which halted production for many goods, except oil. A gallon of gas over a year ago was at an alltime low. Now it has climbed to a ridiculously high cost thanks to countries reducing production, and the invasion of Ukraine.
So where does that leave you, the consumer? Shifting your daily lives and reducing your unnecessary automobile trips, so that you will have money to pay for the essentials. This is a drag on the economy. The world will feel this rippling affect. One silver lining might be that companies can produce more than consumers demand, allowing the supply chain to catch up.