Kalin has reduced your purchasing power by that amount. For every gallon of gas you buy, Kalin has taken 5 ½ cents away from you. When you turn on that pump, every 10 gallon fill costs you 55 cents more. Every 20 gallon fill costs you $1.10 more.
That means you have $1.10 less to spend on your groceries. And oh yes, your groceries will increase in cost because the trucks delivering the groceries have to pay more gas tax to transport the goods to the store.
For every 20 gallons of gas you have $1.10 less to spend on clothes or your home heating this winter. And you had a hard time saving money before this.
And that gas tax will be passed on to you by the tanker trucks delivering that very gas to the pumps. They too will pay the 5 ½ cent increase for each gallon they burn to get the gas to you. This too will be built into the cost you pay for the gasoline, making it more than a 5 ½ cent per gallon increase.
Thanks to Jeremy Kalin, we all have reduced purchasing power.