With inflation skyrocketing over the past six months, the entire economy has been reeling. The Nasdaq is down more than 25 percent over that period, while cryptocurrencies such as Bitcoin, Ethereum, and Solana have plummeted more than 50 percent. However, even though this economic downturn has been defined by a brutal tech selloff, it has been compounded by skyrocketing fuel prices due to the economic sanctions being levied on Russia, which is one of the world’s major producers of oil. To quantify the impact of these sanctions, daily Russian oil exports have fallen off by 400,000 barrels over the course of 2022, according to analysts at Bank of America.
Diesel, which powers the US trucking industry, has posted a 56 percent increase in price over the course of 2022 and is currently sitting at an all-time high of $5.60 per gallon, according to data compiled by AAA. By comparison, the price of gasoline has only risen 34 percent to $4.41 per gallon in 2022. These high fuel costs have a significant impact on businesses, which have to contend with elevated shipping and delivery costs in the face of consumer bases that have become accustomed to free and speedy delivery.
In other news, Beko, the Turkish home appliances manufacturer, has announced that it will be promoting Chuck Bryant to the position of director of original equipment manufacturing (OEM) sales and marketing. Bryant brings over 34 years of industry experience having worked for industry competitors GE and Bosch. Beko Vice President of Sales, Peter Blackwell, said in the company’s press release: “Chuck has the industry, OEM sales and multi-brand track record to capitalize on this very special time in our history to leverage Arcelik’s 66-year global brand equity in the U.S. to the benefit of all company stakeholders.”
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