Why have Uber and Lyft become so expensive?

It has everything to do with the pandemic.

“The pandemic demonstrated the volatility of the ride-hailing industry with early sharp reductions in passenger demand and subsequent reductions in driver supply,” said Stan Caldwell, executive director of Carnegie Mellon’s Traffic21 Institute.

Peter C. Earle, an economist at the American Institute for Economic Research, explained that owing to a shortage of drivers, surges (and the higher prices associated with them) have become more common.

Goodbye, Seafood? Inflation and Shortages Have Restaurants Taking Items Off the Menu

Why haven’t all previous Uber and Lyft drivers gotten back behind the wheel as the world has opened back up? One reason could be that they’re actually making more money being unemployed than they are being a gig worker.
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