The Federalist Diesel prices reached a nationwide average of $5.54 per gallon on Monday, setting a new all-time record, according to AAA travel agency’s gas tracker. In March, the cost of regular unleaded fuel remained less than half a cent from its record high of $4.33 per gallon, at $4.328 on Monday.
These high fuel costs are just the first devastating drop, the negative effects of which will ripple throughout the entire economy, with increased transportation prices adding stress to inflationary pressures already shooting up the cost of goods and services. In March, the year-over-year inflation was marked at 8.5 percent, the highest rate since 1981. Bloomberg Economics predicts that U.S. households will spend another $5,200 this year, or $433 a month, for the same basket of goods as last year…
