Remember the good old days (a year ago) when gas was under $3? Prices are up 50%+ since, and here’s why:
- Russian oil is de facto banned globally, and investors are pricing gas as if it didn’t exist.
- Ramping up production is hard, plus producers aren’t used to the Biden administration encouraging drilling.
- With omicron seemingly behind us, US car trips have increased 25% since the start of 2022.
Understandably, Uber drivers are feeling it, and some are now asking Uber to raise rates so they can afford to drive.