The Great Uber Shortage: ride-hail prices and wait times are soaring on driver scarcity

Checked both Uber and Lyft... then checked the bus schedule. If you were one of the 7M people who passed through TSA during Memorial Day weekend, there's a good chance you Ubered/Lyfted from the airport. There's also a good chance that your rides broke the bank. ICYMI: surge pricing is the new regular pricing.

• +40%: How much the cost of an Uber/Lyft ride was up in April, according to one research firm. In March, prices surged 37%.

Your Uber is 24 minutes away... dope. Uber and Lyft are dealing with major driver shortages, which is boosting prices and wait times. Half of Americans are vaxed, the CDC lifted its mask mandate for FVPs (fully vaxed peeps), and Shot Girl Summer is starting. Ride-hailers don't have enough drivers to meet rebounding demand.

• Why drivers aren't returning: President Biden extended the $300 extra/week unemployment benefit through September, and 42% of people on unemployment now earn more than they did at their jobs. Plus, childcare and corona concerns are keeping workers home.
• Why prices are rising: Uber/Lyft are offering large bonuses and running ad campaigns to get people driving — in addition to jacking up prices for rides.
• It's not just an Uber thing: Prices are rising across many industries, from food to cars, as the US economy revs back up and shortages abound. In April, a key inflation indicator rose a faster-than-expected 3.1%.