The effects of rising oil prices are hitting the transportation sector hard, especially air cargo carriers. The reason, say analysts, is that cargo carriers often fly bigger, four-engine planes, travel longer routes and stay in the air more hours.
Meanwhile, climbing energy prices are starting to put pressure on other industries, too. For instance, materials made from oil, such as plastic and synthetic rubber, are hiking prices on computers, packaging, and car tires.
The macroeconomic effects are being seen in countries like Germany, Italy, and Japan, which have experienced increasing strain on their economic expansion due to rising oil prices.
