gas prices

Higher Oil and Gas Prices Affect More Than Just Paying at the Pump

About 6 to 10% of food prices come from transportation costs, and with fuel prices rising, the increased cost to transport food could be passed onto the consumer. Many plastics used in packaging and clothing are made from petroleum products as well. John Quelch, dean of the University of Miami Herbert Business School, joined LX News to explain how rising fuel prices will affect American households.