Diesel prices reached all-time highs in March of 2022. Gasoline prices may hit consumers directly, but diesel prices are driving up the costs of all kinds of goods. They are also hurting the trucking industry, which is dominated by small businesses.
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.