U.S. Retail Diesel Prices Hit Record High as Global Supply Tightens
Fuel costs are rippling through groceries and shipping as diesel’s share of food prices and transport bills rises, analysts said.
- 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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U.S. Diesel Hits Record $5.85 a Gallon as Iran War Drives Up Fuel and Freight Costs
The national average price of diesel reached a nominal record $5.85 a gallon Friday as the six-month war with Iran disrupted oil flows through the ... The post U.S. Diesel Hits Record $5.85 a Gallon as Iran War Drives Up Fuel and Freight Costs first appeared on [your]NEWS.
The average price of diesel in the United States reached a record $5.85 a gallon today after the more than six-month-long war with Iran disrupted global fuel supplies, the Associated Press reported, BTA reported. The price hike increases the cost of producing and transporting a wide range of goods, including food, clothing and furniture. Some companies are already passing on the extra costs to consumers through delivery surcharges and higher fin…
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…
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