U.S. Retail Diesel Prices Hit Record High as Global Supply Tightens
Record diesel prices are increasing transportation costs, with fuel accounting for up to 30% of food costs, impacting businesses nationwide.
- On Friday, U.S. diesel prices hit a record $5.85 a gallon for the first time, while international benchmark Brent crude trades at more than $95 a barrel amid the 6-month war with Iran.
- Before the war began in late February, diesel averaged about $3.76 a gallon, but prices climbed as crude oil costs soared amid supply chain bottlenecks in the Strait of Hormuz.
- Fuel accounts for roughly 15% to 30% of total food costs, according to the Independent Grocers Alliance. Amazon, FedEx, and the United States Postal Service implemented fuel surcharges as early as April.
- Higher transportation costs now affect clothing, cosmetics, furniture, and other goods. Businesses have already passed these costs to consumers through added fees on online orders and packages.
- Neil Atkinson, energy analyst at the National Center for Energy Analytics, warned that physical stocks are dwindling, citing strain on the global refining system in a briefing with Lloyd's List Intelligence.
101 Articles
101 Articles
US Diesel Prices Hit Record High of $5.85
Diesel hit a new record price in the US on Friday, soaring to an average of $5.85 a gallon for the first time ever as the six-month war with Iran disrupts the world's flow of fuel. Because diesel is used for many freight and delivery networks, higher diesel prices...
Cost Of Diesel Hits New Record High Due To War
The Associated Press reports: Diesel hit a new record price in the U.S. on Friday, soaring to an average of $5.85 a gallon for the first time ever as the six-month war with Iran disrupts the world’s flow of fuel. Because diesel is used for many freight and delivery networks, higher diesel prices mean higher transportation costs for a long list of everyday goods. More expensive fuel is increasing bills for businesses across sectors — some of whic…
US Diesel Hits Record USD 5.85 a Gallon as Iran War Disrupts Global Fuel Supply
Diesel hit a new record price in the U.S. on Friday, soaring to an average of $5.85 a gallon for the first time ever as the six-month war with Iran disrupts the world's flow of fuel. Because diesel is used for many freight and delivery networks, higher diesel prices mean higher transportation costs for a long list of everyday goods. US Diesel Hits Record USD 5.85 a Gallon as Iran War Disrupts Global Fuel Supply.
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