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Illustration: Sarah Grillo/Axios

It's not just you: Uber and Lyft rides are more expensive, company executives said this week.

Why it matters: Demand for rideshare is roaring back as the economy starts to reopen, but the same can't be said for drivers on the apps. That means fewer cars on the road, causing a supply gap that's pushing up prices.

What's going on: Lyft says stronger rider demand began to outpace driver supply at the end of February.

  • One reason for the driver deficit: safety concerns and fear of contracting the virus, Uber CEO Dara Khosrowshahi told CNBC on Thursday.

What they're saying: "We've told our investors we are going to lean into driver supply. We are going to put up our capital to bring more drivers into the system" to alleviate pricing pressure, Khosrowshahi said.

  • Uber last month announced a one-time stimulus payment cumulatively worth $250 million to help lure drivers back.
  • "As the vaccine rollout continues, driver availability should naturally improve," Lyft CEO John Zimmer said on a call with Wall Street analysts, though it expects to invest in incentives to help move the ball along.

The dynamic has led to record earnings for Lyft drivers in some U.S. cities, the company says.

  • Lyft drivers in top markets earned on average more than $30 per hour, 85% above pre-pandemic times. The company hopes this will help pull even more drivers onto the platform.

The bottom line: Add rideshares to the list of things that cost more — at least in the short-term, as the economy revs all the way back up and the vaccination campaign picks up pace.

Go deeper: Why it feels impossible to get an Uber in Des Moines

Go deeper

Robinhood's IPO came amid a regulatory storm

Illustration: Shoshana Gordon/Axios

Robinhood, best known for its popular no-fee stock trading app, went public last Thursday while facing an unusually large legal and regulatory storm.

Why it matters: While some challenges will likely resolve, others could seriously maim the company, forcing it to right its business ship under the scrutiny and pressures of the public markets.

Democrats propose raising debt ceiling through midterms

Speaker of the House Nancy Pelosi and Senate Majority Leader Chuck Schumer. Photo: Stefani Reynolds/Bloomberg via Getty Images

House and Senate leadership announced on Monday that they plan to attach a proposal to raise the debt ceiling through Dec. 2022 to a short-term, government funding bill. The bill must pass before the end of the month or Congress risks a shutdown.

Why it matters: Democrats are taking a huge risk by trying to force through an increase of the debt limit in its must-pass funding bill. The move is wishful thinking on behalf of Democrats who are hoping they can get at least 10 centrist Republicans to balk, as well as an effort to put Republicans on record opposing it.

Biden to stress U.S. does not seek new Cold War in UN speech

Photo: Al Drago/Getty Images

President Biden will use his first address before the UN General Assembly to lay out his vision for an era of "intensive diplomacy" with allies and "vigorous competition" with great powers — without a Cold War with China.

Why it matters: Biden will take the podium in New York on Tuesday with his own international credibility in question after the chaotic withdrawal from Afghanistan. His administration also is struggling to build international momentum to fight climate change, the pandemic and rising global authoritarianism.