The price of diesel reached a record high in the US this week as energy markets around the world tackle ongoing disruptions amid Russia’s invasion of Ukraine.
The average price of a gallon of diesel was $ 5,296 on Sunday, up about 4.3% from a week ago and almost twice as much as a year ago.
Gas prices are also high, standing at $ 4,187 per gallon on Sunday, slightly down from the all-time high of $ 4,331[ads1] on March 11, according to AAA.
While average Americans feel the pain of the pump with high gas prices, the truck industry has been hit hard by the increase in diesel.
“Prices are skyrocketing and we are still not getting good prices for the cargo,” Michal Agboire, who works for Maitland Trucking, told WNCN. “If something goes higher than this, and the price of the cargo does not come up, then maybe we just stop.”
US CRUDE OIL ON TRACK FOR FIVE COUNTY MONTHS WITH PROFIT
The high cost of diesel is partly passed on to consumers for everything from electronics to groceries.
“To cover the increased cost of diesel, truck drivers need to increase the prices charged for shipping. These increased prices are then passed on to consumers through higher costs at the retail level,” said Ron Faulkner, president of Faulkner Trucking and 2022 president of the California Trucking Association. , wrote in an op-ed on the Sacramento Bee this week.
“So you pay too high prices for fuel both at the pump and at the checkout.”
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Total inflation reached a high level of four decades in March, when the consumer price index, which measures a broad basket of goods, jumped 8.5% compared to March 2021.