For months, motorists have felt the pain of high gasoline prices. Many may not know that they’re also absorbing the impact of much costlier diesel fuel.
Moscow’s attack led numerous nations to spurn Russian fuel, removing from the market a major source of oil, the main component of diesel fuel, and driving prices drastically up. That’s because the goods consumers buy — from cereal and orange juice to Amazon deliveries of diapers — are delivered by trucks, trains or ships that run on diesel. Those inflated prices are then passed on from company to company until they reach consumers in the form of costlier goods.
“There will be more logistical shortages,” said Phil Verleger, a longtime energy economist. “Americans will find more empty shelves and higher prices.” “Those energy costs are working their way into products, all manner of different consumer products,” Smith noted. “The important thing,” she said, “is to make sure that our allies, together with OPEC, don’t decrease any flows to the market at any junction, especially if we have some kind of disruption.”
But “at some point,” she said, “you’ve got to go to the customer and say, ‘I’ve got to increase this rate.’"
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