How Surging Oil Prices Will Affect You Beyond the Gas Pump

Energy prices were rising even before Russia invaded Ukraine. Now, the war and resulting bans on Russian oil imports are sending crude skyrocketing, raising prices for everything from Uber rides to children’s toys.

Oil prices are currently above $110 a barrel, after surging as high as $130 earlier this month. The average price of U.S. gas has surpassed $4 a gallon, and is near $6 in the most expensive state of California.

That means it costs more to heat your home and fill up your car. But even beyond those obvious pain points, the spike in crude prices is likely to make other aspects of everyday life more expensive for average consumers. Because oil underpins crucial aspects of the economy like shipping and the manufacturing of plastics, almost no industry is immune.

And with no end in sight to the war, plus a post-lockdown resurgence in demand for fuel, experts say prices will probably keep increasing.

“Clearly, we’re going to see it at the gas pump, but for consumers, it means higher prices across the board for anything,” said Dave Harden, president of financial adviser Summit Global Investments.

Here are some of the ways higher oil prices are likely to hit consumers’ wallets beyond the gas pump:

Transportation

Even if you don’t own a car, your day-to-day travels are probably going to cost more. Higher gas prices mean that ride-sharing companies are raising their fees to maintain profits. For instance, Uber Technologies Inc. added a fuel surcharge earlier this month to help offset drivers’ rising costs and Lyft Inc. followed suit a few days later.