Surging Gas Prices Impact Gig Economy Workers in the U.S.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3 days ago
0mins
Should l Buy UBER?
Source: Newsfilter
- Gas Price Surge: According to AAA, the average price of unleaded gas has surged by 22% over the past month to approximately $3.59 per gallon, marking the highest level since May 2024, which directly impacts gig economy workers reliant on their vehicles for income.
- Gig Economy Adaptation: Gig workers like Alvaro Bolainez and Adrian Mussio are adjusting their work strategies in response to rising gas prices, with Bolainez sharing tips on social media to help others navigate these changes, highlighting the urgency and adaptability within the industry.
- Call for Policy Changes: Bolainez, as vice president of Rideshare Drivers United, advocates for platforms to implement additional gas surcharges to alleviate the burden of soaring fuel costs, reflecting the pressing need for policy support within the gig economy.
- Increased Economic Instability: As gas prices continue to rise, many gig workers face heightened economic instability, particularly in a tight labor market where their income and job opportunities are severely affected, exacerbating the precariousness of this workforce segment.
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Analyst Views on UBER
Wall Street analysts forecast UBER stock price to rise
32 Analyst Rating
28 Buy
3 Hold
1 Sell
Strong Buy
Current: 72.970
Low
72.00
Averages
107.10
High
150.00
Current: 72.970
Low
72.00
Averages
107.10
High
150.00
About UBER
Uber Technologies, Inc. operates a technology platform that uses network and technology to power movement from point A to point B. It develops and operates technology applications supporting a variety of offerings on its platform (platform(s)). Its segments include Mobility, Delivery and Freight. Mobility products connect consumers with drivers who provide rides in a variety of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis. Delivery offerings allow consumers to search for and discover local restaurants, order a meal, and either pick-up at the restaurant or have the meal delivered. In certain markets, the Delivery segment provides offerings for grocery, alcohol, and convenience store delivery as well as select other goods. The Freight segment connects carriers with shippers on its platform, and gives carriers upfront, pricing and the ability to book a shipment. The Freight segment also includes transportation management and other logistics service offerings.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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