Four days into the Iranian conflict, gas prices are rising at many stations in South Florida.
“I’ve traveled all over the United States,” says Stacey Williams. CBS Miami spoke to him as he was gassing up on the turnpike. He paid $66 for 20 gallons of diesel to fill his pickup truck. Williams has noted the fluctuations in fuel as he drives to locations for his work on turbines. He just spent three weeks at the Turkey Point Nuclear Power Plant south of Miami.
“The salary we get paid per hour does not add up to what we pay for gas, housing, and food,” he says.
Mitchell Gershon is also dealing with the higher gas prices. He has to fill three vehicles constantly for his business—Thrifty Gypsy, a pop-up store at musical venues. He’s back and forth from Orlando to Miami and says fuel is costing him 20% more. When asked how he handles these fluctuations, he said, “Have a little backup cash so you are ready for it.”
The rise in oil prices contributed to a drop in the stock market on Tuesday, which means some retirement accounts dipped, too. CBS Miami talked to Chad NeSmith, director of investments at Tobias Financial Advisors in Plantation, for perspective on the drop.
“We are seeing most of the pullback today. Yesterday was a shock,” he says. He’s not expecting runaway oil prices but says investors should stay in the loop: “Pay attention to your portfolio. Stick to your goals. Have a plan because these things are completely unpredictable.”
That unpredictability has Williams adjusting his budget. “You just cut back, cut corners, all you can do,” he says.