REXBURG, Idaho (KIFI) - Gas prices are continuing to rise, and the price hike is continuing to affect many industries including food, manufacturing, travel and housing. As the fuel prices continue to affect these industries and drivers across the state, many will notice the gas prices are now reaching above the state average of $5/gallon.
David Barrus, an economics professor at BYU-I, says no relief for this rise in price is currently in sight.
"We probably won't see it until gas prices start going down. And when that is, I have no idea. I mean, that's we're not seeing any indication that gas prices are going to start going down," Barrus said.
Barrus says for now, however, it's time to prepare for things to get a lot worse in the near future.
"We're seeing indications that businesses are reporting they're not going to make as much money in the future quarters as they are now. So that may lead to layoffs and so there's becoming a little bit more pessimism in the economy on how robust it is."
However, he does say inflation is slowing down and advises us to start building our financial shelter now. But as a recession starts to approach, many may not have that option.
"We don't always know which part of the economy where those job losses are going to occur. Sometimes they're very widespread. Sometimes they're in a specific industry."
He says ensuring job security is another big help.
"And making sure you're in a job that that will last if the economy goes down and they're not looking to downsize. Those are all things that can help with preparing for a recession."
With the scare of what a recession could bring, Barrus does offer some hope as well.
"There's always a possibility become a very severe recession and downturn. I'm not seeing indications that that would be the case."