Reported about 14 hours ago
A drastic increase in gasoline prices to $20 per gallon would lead to severe economic consequences, drastically affecting household budgets, inflation rates, and various industries. Consumers would face an average increase of over $5,000 in fuel costs, significantly decreasing their spending power. The auto industry would shift focus from gas vehicles to EVs, while transportation, travel, and retail sectors would experience job losses and business closures. Globally, high U.S. gas prices would cause inflation and trade challenges in importing countries, ultimately leading to a substantial reorganization of the economy.
Source: YAHOO