The soaring crude oil prices continue to push up the price at the pump, but it’s also impacting everything from airfare to farmers, and products you buy at the store.<\/p>\n
Shoppers in Greenpoint, Brooklyn are feeling the surge.<\/p>\n
“Everything at the end of the day is connected to oil in some way or the other,” said Young Kim of Jubilee Marketplace.<\/p>\n
Kim hopes to provide convenience at a great price at his Jubilee Marketplace, but these days, the pricing is getting trickier.<\/p>\n
“I’ve noticed, companies and distributors starting to put fuel charges on their deliveries,” Kim said.<\/p>\n
Gas was the first thing to go up after the strait of Hormuz essentially shut down 20% of the world’s crude oil.<\/p>\n
In addition to oil, 30% of the world’s urea – a main component of fertilizer – also isn’t making it’s way through the strait of Hormuz.<\/p>\n
Fortunately, the Garden of Eve Farm in Riverhead, doesn’t depend on traditional fertilizer because it’s an organic farm, but it does depend on diesel.<\/p>\n
Last fall, red diesel, the kind used for farm equipment, was $3 a gallon. Today, it’s 73% higher, the highest Chris Kaplan-Walbrecht has seen in 25 years of farming, and he’s hoping to get ahead of any more price increases.<\/p>\n
“When I heard that there had been an attack on the largest natural gas facility in Iran, and that there was some retaliation, I said, ‘No, this isn’t going away. I better. I better make sure that I at least have our tanks filled so we can start the spring tillage and planting,'” he said.<\/p>\n
He hopes to avoid passing on higher costs to customers at farmers markets.<\/p>\n
“I come here to get certain stuff,” said shopper, Pauline MacIntyre.<\/p>\n
MacIntyre is shopping more and more at Costco, looking for savings.<\/p>\n
“Hopefully, it gets better because we can’t live like that,” she said.<\/p>\n
Consumers and business owners are feeling the pinch.<\/p>\n
“We’re a retailer right now, we have the hard decision of, do we pass it on to the customers or do we eat it as a business,” Kim said.<\/p>\n
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