As the price of crude oil swings sharply, consumers are feeling the effects of the Iran war and its damage to worldwide energy production. Gasoline prices are climbing. Many people will find some of the most immediate economic pain at the pump. But you don’t have to drive a car to be affected. Nearly all goods that are bought and sold must travel from where they’re produced. That includes food. Those costs will climb with higher gasoline, diesel and jet fuel prices. Heating a home and cooking with natural gas are likely to cost more as the war grinds on. And the spike in oil prices will likely be a big factor for U.S. inflation. As the war continues, some experts say the price of everything could be affected.
