GREEN BAY, Wis. (WFRV) – Higher gas prices will affect more than your next fill-up. We will end up paying more for just about everything we buy.
Part of Matt Muenster’s job at Green Bay-based Breakthrough is to help companies move their products around the world.
“We do know throughout 2021 that the energy market, in part driven by the pandemic, had really been put in a restart mode,” said Muenster, who is an expert on all things transportation, and also chief economist for the company.
Fast forward until where we are now.
“Those fuels outpaced supply and returning to the market. And so prices climbed dramatically even ahead of the Russian invasion of Ukraine,” added Muenster.
The only way for companies to get ahead of the price hikes in fuel is to pass it along to consumers, Muenster said. At some point, that affects all of us, whether it be for heating or cooling or homes, or just driving to and from work.
Part of his work at Breakthrough helps other companies navigate, and ultimately save money and fuel, while maneuvering a highly volatile energy market.
For the rest of us, experts at the American Automobile Association, or AAA, say we might not see a break at the pump for a while.
“I think it’s going to be a robust year for summer travel,” said Wisconsin AAA spokesman Nick Jarmusz. In fact, he predicts prices will get even higher.
“These higher prices are probably going to stay here through the summer and it’s something travelers are going to have to deal with,” added Jarmusz.
Despite costing more, Jarmusz says he believes more people are ready for a vacation. Something spring break travel showed just a few months ago.
“There might be some changes on what their destinations are or how long they plan to stay there,” explained Jarmusz.
A pocketbook pain with little relief for the moment.
“Hopefully there’s not a tremendous impact for us in the tourism industry, it is something we’ll be sensitively watching,” said Muenster.
AAA is expected to release its Memorial Day travel outlook sometime during the week of May 16, however, all signs point to a busier than normal summer, yet not still to pre-pandemic levels.