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Soaring gas prices take toll on small businesses

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  • Description

    Pain at pump extends past gas stations

  • Duration 2:30
  • Date

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Gas prices breaking records for February and becoming a key campaign hot potato much says in the last presidential election in 2008 when gas prices also spiked.

Take a look the bottom line showing where things stood back in 2008.

The top line where they are right now we are already above the price we saw four years ago and it's not only hitting drivers but small businesses as well Mike -- right.

Live in Chicago with that angle for -- hi -- -- -- -- a look at the big board behind me here you can see that we're just about three dollars and eighty cents for a gallon of regular.

The big cities tend to get a pretty bad New York LA Chicago if you look off to Hawaii and Alaska because of transportation.

Those guys are already paying up over four dollars a gallon.

What you notice did you look behind me here well is only one person of the -- but don't take my word for it they've been filling up all day long.

And the experts have been saying that there's a price that people will -- -- -- Until they're driving habits change.

We see the tipping point.

A lot of the time a lot of the folks we've talked to five dollars a gallon as the new tipping point that is a scary thought.

Because of folks are all willing to pay five dollars demand will not drop and thus prices will not drop until we hit that magical barrier.

And we see the price of crude oil peak as it did yesterday over a 105 dollars a barrel.

It takes about a week until that cost shift ends up here at the pump.

And Mike as we mentioned small businesses take it especially hard.

You know and -- for business link to transportation which candidate is all of them is gonna have a hard time but we were looking at the food service industry.

Because that you regularly priced food service industry you know you restaurants.

Don't have the ability to shift that cost onto the consumer so we were looking at Boehner -- here in Chicago.

It cost them more money to get everything from the bread to the meat into the restaurant their catering business that's got to direct impasse because they impact because they have to drive the product out to the customers still there's only so much people will pay for an Italian -- So of that particular business.

Has to look at tightening its own -- They're certainly only so much people are looking to spend.

I'm certain items and so so we do everything we can't we try to be as efficient as possible we've looked at.

Distribution of product to our stores or even catering delivery.

And as a small family owned business something they don't like to talk about but something they've got to keep is an option on the table.

Is the prospect of layoffs -- and are.

All right Mike Tobin live in Chicago thank.

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