PALM BEACH COUNTY, Fla. — WPTV is getting answers about how rising gas prices could soon impact much more than what drivers pay at the pump.
Experts say higher fuel costs are creating a domino effect that could drive up prices on everything from groceries to travel.
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"Everything is going to be impacted," said Keith Singer of Singer Wealth Advisors.
According to Singer, higher fuel costs tied to ongoing global conflicts are creating a ripple effect throughout the economy.
"Right now the supply of gas and diesel fuel is being constrained by Iran, by limiting the amount of ships that can go through, and also by Ukraine bombing the diesel infrastructure of Russia, so we have a double whammy, and when gas prices are more expensive, then it affects a lot of things," Singer said.
That ripple effect is already being felt by shoppers in Palm Beach County.
"Everything is more expensive," said Jon Shilalis, a shopper WPTV spoke with on Monday. "The cost here is evidence of that."
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While shopping for groceries, Shilalis said he's choosing to shop at cheaper grocery stores after he recently noticed a significant jump in what he spends at the checkout line.
"How much was the tab for your groceries?" WPTV's Joel Lopez asked.
"It was $140 today," Shilalis responded.
When asked how much that same grocery trip might have cost a year ago, Shilalis estimated: "Just a guess, maybe $100."
Parents are also looking for ways to offset rising costs.
Earlier this summer, WPTV caught up with Katrina Stoneking while she shopped for back-to-school supplies at an Office Depot in Boynton Beach for her soon-to-be fifth grader.
"How much do you spend per year to get school supplies?" Lopez asked.
"Probably like 200+ a year," Stoneking said.
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She said she was counting on Florida's tax-free holiday to bring down that expense.
"I'm hoping we save $40-$50 depending on what we spend," Stoneking said.
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Singer said consumers should expect higher fuel costs to affect nearly anything that has to be transported.
"Anything that requires gas to get where it needs to go, right? So if you buy food that has to get to the store, right, that gets there by trucks. So if whoever's sending it has more shipping costs, they have to pass that price on to the buyer and the buyer pays that," Singer said. "Everything that gets shipped somewhere is gonna have higher costs."
The impact extends beyond grocery stores.
"Even flying on an airplane is very expensive right now," Singer said.
He added that travel-related expenses could continue to climb.
"Obviously, if you like to travel, airfares are crazy. If you like to go on a cruise, that's gonna be crazy. There's a lot of cruise lines from here," Singer said.
Singer said some of the effects have already begun showing up in consumer prices, though efforts to keep fuel costs from rising further may have softened the blow.
"We've seen some of it," Singer said. "I think the United States has been releasing some reserves and trying to do what it can to keep prices lower."
Still, he believes higher fuel prices could continue affecting consumers for at least the next few months.
"We're bracing for another couple of months and, like you said, the longer gas prices are high, the more impact it has," Singer said.
For many consumers, those higher prices are already impossible to ignore.
"I think groceries and gas and the cost of everything is going up," Shilalis said.
He recently paid a steep price to fill up his truck.
"It just cost me $100 to fill my truck up," he said. "Just pulled into the gas station; it was over $5."
Singer described the broader economic impact as a form of "collateral damage."
"The impact of high gas prices. It's not just when you drive to work or wherever," Singer said. "Everything that gets shipped by gas, the price is gonna go up."
As costs continue to rise, Singer said consumers should remain focused on long-term financial planning rather than reacting to short-term economic swings.
"My best advice is just stick with your plan," Singer said. "There's always gonna be periods of inflation. There's always gonna be periods of high interest rates. You should have a plan and your investments should be set up so that regardless of what's happening, you're gonna be fine."
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