Moms filling up their minivans today are experiencing some serious sticker shock.
Contractors working on a job site with any distance at all from the home office are going to eat some serious travel expenses if they didn't build updated gas and travel costs into their bids.
Drivers and truckers delivering goods to grocery stores, grains to ports, or timber to plants are paying through the nose for diesel to ship what Americans need and want (and they aren't just going to eat the massive spike in fuel prices).
But the news gets worse: If you thought gas was expensive already, just wait. One expert with experience in the Middle East is warning Americans to get ready for $6 per gallon.
David Rundell, a onetime U.S. diplomat in oil-producing nations, told Fortune that the Russian-Ukraine conflict, coupled with our deteriorating relations with Saudi Arabia, spells doom for U.S. consumers' pocketbooks at the pump.
Rundell, who spent three decades as a U.S. diplomat in such oil-producing countries as Saudi Arabia, Syria, the United Arab Emirates, Bahrain, and Tunisia, told the magazine that the U.S. put itself behind the eight ball when it comes to negotiating to get the House of Saud to get more oil flowing.
"Russia and Saudi Arabia are the world’s two largest oil exporters. If we had good relations with Saudi Arabia, they would have stepped in to help as they have done many times in the past,” Rundell told Fortune.
The former diplomat, who is now a partner at Arabia Analytica, a consulting firm focused on the Middle East, added that "our relationship with Saudi leaders continues to worsen. So, get ready for $6 a gallon."
Rundell issued his warning as Americans saw gas prices hit an all-time high of $4.17 on Tuesday, the outlet said. The price is 11 cents per gallon more than it was the day before and 55 cents higher than just a week ago.
His warning also came before President Joe Biden announced Tuesday that the U.S. would bar imports of Russian oil and gas.
During his announcement, Biden told the nation that gas prices are "going to go up further."