Gas Hits All-Time Highs

March 7, 2022

Higher fuel prices are here and are financially costing everyone. For those businesses with fleets or operations heavily dependent on fuel, this means the price for goods and services may need to adjust to keep pace with higher gas prices. While some companies may have purchased large quantities of fuel while prices were lower, few businesses have the storage capacity or large enough fleets to give them leverage in price discussions. For employees, this presents challenges too as the cost of driving to work increases. Your employer is also paying more for fuel and may or may not be able to charge more for what they produce or sell.

All of this will probably lead to financial stress and inflation. We’ll explore this topic and other current economic trends during a morning webinar with the president of the Philadelphia Federal Reserve Bank, Patrick Harker, on April 6th. You can register for this free event here. Have a question for him? Please submit it when completing your registration and we’ll do our best to get your questions answered.

Uniquely Delaware

Delaware gas prices hit all-time highs

The average retail price of a gallon of regular, self-service gasoline in Delaware crossed the $4.00 threshold for the first time since July 19, 2008.

Source: AAA

News You Can Use

In economic news this week, we get started today with consumer credit figures from January. On Tuesday, we’ll see February results from the NFIB small business index and wholesale inventories data from January. Wednesday brings us January job openings and “quits” numbers. Thursday will be the busiest day of the week for economic reporting as February consumer price index results and federal budget deficit numbers are made public. We close the week on Friday with the University of Michigan consumer sentiment index and five-year inflation expectation figures.

Companies with earnings calls this week include Dick’s Sporting Goods and Greenlight Capital on Tuesday. Wednesday calls include adidas, Campbell Soup, Korn Ferry, and Vera Bradley. The Thursday headliner is Oracle, while Friday’s headliner is Rivian. Genesco, LegalZoom.com, Ulta Beauty, Zumiez, and PLx Pharma round out the week on Friday.

Michael J. Quaranta

President

Delaware State Chamber of Commerce

AAA provides more than 61 million members with automotive, travel, insurance and financial services through its federation of 32 motor clubs and more than 1,000 branch offices across North America.

AAA is celebrating 120 years in business!