The rising cost of gas is forcing people to spend less money elsewhere, which could eventually hurt the local economy and increase the prices of everyday products.<\/p>\n
Alan Gin, an economics professor at the University of San Diego, said the impact extends far beyond the pump.<\/p>\n
“We primarily think about oil, and that is a big concern, but there are a lot of other products,” Gin said.<\/p>\n
Because San Diego is not a hub for heavy industrial production, the county relies on products to be shipped. The companies delivering those products rely on diesel fuel, which is up $1.50 since the start of the month.<\/p>\n
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U.S. Energy Information Administration<\/p>\n
“Any products that are shipped, I think we’re gonna see price increases relatively soon as far as that is concerned, and that includes the food being shipped into the county,” Gin said.<\/p>\n
This means the price of groceries will go up, but so too will other common everyday products you might not even be considering at the moment, creating a ripple effect that will hit your wallet eventually because of the hit to the global supply:<\/p>\n
Aluminum: Already rose to a four-year high on Monday, making it more expensive to produce and purchase things like soda cansHelium: Used to make semiconductors, meaning electronics will increase in pricePetroleum: A key contributor to the production of plastic<\/p>\n
“Spending this money on gasoline and higher prices of other products, that could then lead to a slowdown as far as the economy is concerned,” Gin said.<\/p>\n
He used the owner of a yoga studio as an example. Someone might appear to be unaffected by this war. <\/p>\n
However, if people have to start making decisions on where they spend their money, that means they might take fewer yoga classes, and fewer clients means a decline in revenue.<\/p>\n
Gin calculated what this economic slowdown could look like. He said about 100 million gallons of gas are sold every month in San Diego County. <\/p>\n
For every one-cent increase in gas prices, Gin figures that means $1 million more is spent on gas that could have been spent in the local economy.<\/p>\n
Based on that equation, the county has missed out on at least $130 million in the last month, since prices went from $4.64 to $5.93 (increase of $1.31), with millions more to come.<\/p>\n
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