The first week of June ushered in yet another record in gas prices and there is no sign of the trajectory slowing any time soon. The $4.67 a gallon is sure to become a stepping-stone as prices march even higher. AAA reports seven states are now averaging $5 a gallon or higher, including California and Illinois.
The record gas prices are being pushed even higher by strong demand as summer travel season ramps up and supply remains tight. There is not much government officials can do to stem the upward pressure. The increased cost puts a crimp on consumers’ pocketbooks and could impact demand for certain ag products, such as beef.
Read more on gas price increases and subsequent impact on agriculture here.