Small businesses suffering 'double whammy'

Small businesses suffering 'double whammy'

Small businesses suffering 'double whammy'

High gas prices are causing people to cut back on basic essentials, many of which are purchased in small businesses nationwide.

Considering the fact that there are roughly 30 million small businesses in America that employ about 60 million people, Elaine Parker of Job Creators Network calls the situation a "double whammy for our small businesses."

Parker, Elaine (Job Creators Network Foundation) Parker

"The ripple effect is huge," she says.

The high gas prices come as businesses are being pummeled by inflation, supply chain issues, and labor shortages.

"Now they're being hit with these energy costs that are just outrageous," Parker laments.

The Biden administration has been pushing electric vehicles (EVs) as a way of reducing America's dependency on fossil fuels and volatility in the markets.

"Clean transportation can bring significant cost savings for the American people," said Transportation Secretary Pete Buttigieg at a recent event. "Last month, we announced a $5 billion investment to build out a nationwide electric vehicle charging network so the people from rural to suburban to urban communities can all benefit from the gas savings of driving an EV."

Still, individuals, think tanks, and special interest groups say society is decades away from being anywhere close to what Biden envisions for America's energy infrastructure, and not everyone is in a position right now to take on a car payment for an EV, whose average cost is around $55,000.

"President Biden cannot keep buying into this Green New Deal policy that is just very anti-oil," Parker insists.

On Tuesday President Joe Biden announced the U.S. will ban all Russian oil imports, toughening the toll on Russia's economy in retaliation for its invasion of Ukraine. He acknowledged, though, that it will bring higher costs to Americans, particularly at the gas pump.