Study: Gas spike raises price of other goods, services

April 23, 2011 8:28:57 PM PDT
Just about anyone who drives is feeling the financial sting of skyrocketing gas prices, and President Barack Obama says fuel costs are ''weighing heavily'' on the overall U.S. economy.

An ABC News study shows a $1 per gallon spike in the price of gas costs the average American family $1,000 a year. That's because higher fuel prices are passed along to the consumer for so many goods and services, from flowers to food to hospital volunteers.

"I would hate to slow down but I may have to do that if the gas prices go any higher," said volunteer driver Barbara Hayes.

When asked if motorists only power is to drive less, energy analyst Samantha Gross said: "Yeah, I mean that's certainly the best way to help insulate your pocketbook from what's happening right now."

The rising cost of fuel is not being triggered by a shortage of oil. but rather, experts say, by uncertainty over escalating unrest in some Middle Eastern countries.