TRANSPORTATION

Why diesel prices are driving up the cost of everything

PUBLISHED THU, APR 28 2022 8:00 AM EDT

Robert Ferris
@IN/ROBERT-FERRIS-A482061/
@ROBERTOFERRIS

Consumers notice spiking gasoline prices every time they drive to the pump. But energy industry analysts say the current spike in diesel prices is historic — and is pushing up the cost of all kinds of goods.

Diesel prices are hovering around all-time highs, forced upward by the same circumstances that have fueled gasoline’s rise. ... “The price of diesel is probably the bigger headline here,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

Nearly everything people buy is at some point freighted in a vehicle powered by a diesel engine. Ships and barges, trains, trucks and even some airplanes run on diesel fuel.

Diesel hit an all-time high of $5.135 on March 12, according to AAA. As of April 27, the price was only slightly lower at $5.093. ... That increase is hitting consumer prices hard, says Moody’s Analytics chief economist Mark Zandi, who notes that diesel has had a significant factor in rising inflation. ... It is also hitting truckers hard. Truckers who used to spend about $10,000 a week on fuel now are spending closer to $18,000 a week.

{snip}