Rideshare Drivers’ Take-Home Pay Gets Severely Affected after Gas Prices Soar

Rideshare Drivers’ Take-Home Pay Gets Severely Affected after Gas Prices Soar

Drivers working in Uber Technologies Inc. and Lyft Inc. are feeling the pressure as gas prices in the U.S go up to an all-time high due to the Ukraine war.

What’s the matter?

According to Phillipe Jean, a driver based out of Easton, Pennsylvania, the fuel cost had gone up to 60% of the take-home pay, which was 10% when he started working rideshare app four years back.

As per Bloomberg News, as Russia’s attack on Ukraine intensifies, gas prices have gone up dramatically. U.S. lawmakers’ move to bar Russian oil imports into the country on Monday for a crackdown on crude from the country saw the biggest swing in crude oil price in a single day as a barrel of Brent crude touched nearly $140.

GasBuddy, an app that helps users save money on gas, shows that the last seven days saw the highest rise in prices leading to more than 49 cents increase in the previous week. This was the highest increase after the 2005 Katrina hurricane. Gas surpassed the all-time high of $4.10 a gallon on Monday.

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