Comment on Today’s Inflation Survey from NFIB
Gas and fuel prices having huge negative impact on small-business owners
DENVER, April 25, 2022—A new survey on inflation released today by the nation’s largest and leading small-business advocacy association showed fuel prices wreaking havoc on small-business owners across the country.
“Even President Biden finally realized the severity fuel prices are having on inflation, which is why he recently resumed the sale of oil leases on federal lands,” said Tony Gagliardi, Colorado state director for the National Federation of Independent Business (NFIB), which conducted the survey of its small-business-owning membership.
“While the president’s action is commendable to a point, a healthy dose of inaction from the Colorado General Assembly would be helpful, too, specifically stopping the numerous environmental bills circulating the Capitol that will do little to improve the environment and a lot to exacerbate inflation.”
Gagliardi said an internal poll conducted by NFIB Colorado showed overwhelming opposition to state and local bans on the use of types of sources of energy and no appetite for having Colorado law exceed federal clean air standards or more restrictive standards imposed by other states.’
Selected Highlights from Today’s Nation Survey
- More than half (62%) of small-business owners reported inflation having a substantial impact on their business; 31% said it was having a moderate impact.
- Nearly all (99%) of small-business owners reported the recent increase in gas and fuel prices is having some degree of negative impact on their business.
- More than three-quarters (77%) of small employers reported rising fuel costs (gasoline, diesel, fuel oil, etc.) was a substantial contributor to higher costs.
- Eighty-six percent of small employers are increasing the price of the goods or services.
- Thirty-one percent of small employers are taking on debt to finance higher costs.
From Holly Wade, Executive Director of NFIB’s Research Center
“Inflation is a new challenge for most small business owners. Inflation has reached levels not seen for the last 40 years and is dominating business decisions for small employers across the country. Small business owners have been adjusting business practices in order to compensate for inflation pressures resulting from supply chain disruptions, staffing shortages, and rising gas prices.”
Keep up with the latest Colorado small-business news at www.nfib.com/colorado or by following NFIB on Twitter @NFIB_CO or on Facebook @NFIB.CO
For 78 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
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