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U.S. Retail Diesel Prices Hit Record High as Global Supply Tightens
- 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.
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73 Articles
Coverage Details
Total News Sources73
Leaning Left17Leaning Right6Center43Last UpdatedBias Distribution65% Center
Bias Distribution
- 65% of the sources are Center
65% Center
L 26%
C 65%
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