Crude-oil prices are on the rise, and gasoline costs are soaring as a result. There are many reports out there that hint we could see $5 gas this year as a result of commodity inflation and rising oil prices.
And it’s not just crude oil that’s on the rise. The spike in energy prices is driving up the cost of a host of products, including both raw materials and finished goods. Even some services are increasing in price due to rising oil.
Furthermore, there are many supply-and-demand issues beyond the price of oil that are unfavorable for some of the most popular consumer goods. This double whammy has resulted in substantial price inflation that is hurting American consumers at the cash register.
Here are nine goods and services that are soaring in price as a result of current conditions: