Everyday items, skyrocketing prices…could Recession be next?

Lakeville Trucking in Rochester, N.Y., has seen diesel costs nearly double to about $400,000 a month. Photo for The Washington Post by Libby March.

Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”

Important Takeaways:

  • Record gas prices are pushing up everyday costs, dampening economic recovery
  • Americans are facing sticker shock at gas stations across the country, but surging global energy costs are rippling through the economy in other ways, too:
    • Airlines are scaling back on flights. Truckers are adding fuel surcharges. And lawn care companies and mobile dog groomers are upping their service fees.
  • The average price for a gallon of gas jumped 13% this week, according to AAA. Overall gasoline prices are up 38% from a year ago, according to the Labor Department’s latest inflation figures.
  • Goldman Sachs this week lowered its forecast for annual U.S. economic growth, citing “higher oil prices,” and said there is a risk the United States will enter a recession in the next year.

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