Uber, Lyft Woo Drivers as Prices Soar

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Maybe you've had this experience. You're running late to meet a friend or maybe you're headed to the airport. You've got no time to get on public transportation. And when you open up your favorite ride hailing app. Boom prices are surging. Well that's the situation facing more and more people. These days uber and lift prices for the second quarter are estimated to be seventy nine percent higher than they were during the same period. Twenty nineteen before the start of the pandemic according to fair tracker grit wise. so why are prices so high. And what does it mean for passengers drivers and the ride hailing companies themselves. Joining us to discuss is tech reporter. Redick arana high predica. Thanks for joining us. Thanks for having me on the show so there are a couple of different angles that we can look at this from. Let's start with the passengers. What differences are passenger seeing when they use the ride. Hail apps well. Zoe fares are at an all time high right now. So what passengers are seeing. Is you know skyrocketing fares just to go from your home to maybe your office As people returned to work they're taking to social media to say. My uber ride now costs me five times as much as i used to pay before the pandemic they're also seeing wait times go up so the landscape has absolutely changed for passengers as well. And why is that. Why are prices so high right now. Well the companies are facing a massive shortage of drivers. So what's happening is more and more writers are coming back to. The roads and a large pool of writers are competing for a limited pool of drivers because not as many have returned to keep pace with demand. So what's that doing is that it's pushing the prices of those rides

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