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Tribune News Service
Tribune News Service
Business
Anya Litvak

The oil price spike may haunt the economy long after it recedes from the pump

PITTSBURGH — The drastic spike in crude oil prices and the fevered shock of drivers dealing with high gasoline prices for the first time in years appear to be subsiding. The dip is tiny, so far, but if every 1 cent increase is cause for alarm, a 3 cent drop is worth noting.

Gasoline in Pittsburgh averaged around $4.33 per gallon on Monday, according to AAA, down slightly from the all-time high of $4.35 per gallon on March 10.

So it might get easier at the pump. But consider all the other things you might be buying when you stop to fill up. Candy. Magazines. Windshield wiper fluid. Baked into that Snickers will be the energy inflation of the past year. Perhaps in a few months, and to a much smaller extent than our gasoline budgets, that candy bar will bear some imprint from how the oil world reacted to Russia's invasion of Ukraine.

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