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High diesel prices can lead to consumers paying more for goods

Diesel gas
Posted at 5:44 PM, Jun 16, 2022
and last updated 2022-06-16 19:53:57-04

BALTIMORE  — Economists believe as trucking companies pay more for gas, consumers could pay more for their deliveries and products.

"We all have the goods that citizens need. Those goods arrive at your grocery stores, retail outlets, or your homes, and they come on a truck. So inevitably, as the cost of transportation continues to rise, then the cost of those goods will continue to rise," said Louis Campion President & CEO of Maryland Motor Truck Association.

Trucking companies say gas prices have doubled, as they're using hundreds of gallons per week and spending thousands of dollars a month.

According to AAA Mid-Atlantic, a month ago, the average cost of diesel gas in Maryland was $5.93, a year ago it was $3.19, and today it sits at six dollars.

"A lot of companies I work for do fuel surcharges. We're up-charging everything to cover the costs, so I know that's taking an impact on everybody,"said Mike Singleton, truck driver.

Economists say cutting costs and saving are key components that will get people through this hardship.

Financial experts recommend:

  • Recording your expenses
  • Set savings goals
  • Make saving automatic
  • Take advantage of discounts and deals
  • Cut out the things you don't need i.e streaming services and other subscriptions

However, experts also suggest high fuel prices could lead to an economic slow down.