Soaring commodity prices have been financially devastating for households, devoting larger and larger shares of disposable income to pay for energy. 

For instance, at nine California filling stations, the price of regular gas is higher than the federal minimum wage. Patrick De Haan of GasBuddy said several gas stations in Los Angeles and San Francisco metro areas had recorded pump prices over the federal minimum wage ($7.25). One station in Los Angeles is now $7.83.

Ed Yardeni of Yardeni Research told CBS News that record-high fuel costs are denting workers' paychecks. He estimated that the typical US household would spend upwards of $4,800 on gasoline this year, a $2,000 increase over last year. That financial burden is piling up for the working poor and households worldwide. 

Bloomberg reports Brazilians are spending a whopping 33% of the monthly minimum wage to fill up a 14.5-gallon fuel tank. The figure is 24% in Mexico, 18% in Argentina, 17% in Chile, and 13% in Colombia.