CINCINNATI — Just ahead of the Easter holiday travel weekend, gas prices have risen again nationwide, bringing the national average to $4.08 a gallon.
For drivers like Deon Borden, the sticker shock is hitting hard.
“It’s just crazy man, I mean like $5 for a gallon of gas?! I hope prices go down soon,” Borden said.
But analysts like John Bovard with Incline Wealth Advisors predict relief isn’t likely in the immediate future.
Bovard said the spike at the pump will start to impact your wallet far beyond just filling up at the pump.
“So unfortunately, this could start to spread to multiple other areas of our everyday living, especially companies that rely on trucking and delivering to transport a lot of goods,” Bovard said.
WATCH: Where you could see impacts of gas prices beyond the pump
Where consumers could notice effects:
Air travel:
“(Air travel is) the most immediate one with jet fuel prices, and those going up, where we could see an immediate impact on the cost of flights and travel,” Bovard said.
Airlines are also dealing with congestion from TSA staffing challenges due to the government shutdown, only adding further pressure to travel costs.
Delivery services:
Bovard said higher transportation costs are expected to trickle down to online shoppers soon.
“Typically, what we will start to see is those prices, when you’re checking out for shipping, the prices increase a little bit slightly,” Bovard said.
Major retailers like Amazon and Walmart depend on shipping for daily operations. Their rising logistics expenses could soon show up in customer checkout totals.
Grocery stores:
The price hike could also make its way to grocery store shelves — but the increase may take some time to show up.
“The ripple effect typically takes between 60 and 90 days later to where we’ll see potentially higher prices there. Because the simple fact is these companies, their profit margins are getting a little bit squeezed by the increase in fuel costs, and they’ll eventually start to pass these on to customers,” Bovard said.
Impact on rideshare and delivery drivers
Higher gas prices are also affecting rideshare and delivery drivers.
Bovard said this is called the "hidden inflation."
He said it's an example of inflation that affects daily living but isn’t always reflected in official reporting.
When it comes to the stock market, Bovard said dips like this are common, happening almost every year. He advises consumers to keep their money invested because market rebounds often happen quickly.
"Don’t panic. For right now, I do think this will be passing and transitory. I don't think this would be anything that would be lasting and ongoing," Bovard said.
However, in the short term, price increases could continue. Bovard said he doesn't believe prices have peaked yet.
“I do expect there to be a little bit more of an increase. I don’t think we have peaked," Bovard said. "But it all comes down to the blockade of the Strait of Hormuz."
He said that once the blockade resolves, prices could drop quickly, but until then, short-term prices are expected to stay elevated. He said he estimates it could be up to about five months.
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What you can do now
Even before prices peak, there are ways to lessen the impact:
- Book flights sooner before surcharges take hold
- Consolidate online purchases to minimize shipping fees
- Stock up now on non-perishable groceries ahead of any price hikes
- Combine errands to save fuel
- Consider carpooling or alternative commuting where possible
As long as the Strait of Hormuz remains blocked, high gas prices will continue to ripple through the economy — from airfares and shipping costs to groceries.
Bovard said households should plan ahead, watch for creeping costs across multiple sectors and take steps now to protect their budgets.
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