The price of diesel fuel has skyrocketed in recent months — much more even than regular gasoline — especially after Russia invaded Ukraine in February.
FILE - A gas tank driver adjusts his hose hookup to an underground tank on May 24, 2022, in Jackson, Miss. High diesel prices are driving up the cost of most goods, from groceries to Amazon orders and furniture, as nearly everything that is delivered, whether by truck, rail or ship, uses diesel fuel. Truckers are turning down hauling jobs in the states with the most expensive diesel.
“There will be more logistical shortages,” said Phil Verleger, a longtime energy economist. “Americans will find more empty shelves and higher prices.” One reason why diesel prices haven't yet declined as gasoline has is that OPEC nations have slowed their supply of oil, and Middle East oil typically produces more diesel fuel than, say, parts of Texas do. Another factor is that China has reduced its diesel exports, presumably to help achieve its net-zero greenhouse gas emissions goals.And within the United States, refineries that produce diesel from crude oil are essentially maxed out.
Even if American oil and gas producers increase production, tough challenges would remain — namely, finding additional refinery space and then enough pipeline capacity to transport any additional diesel. Lately, she said, there’s been less retail freight to haul. “It may be an indication of a recession,” she said. “I hope not.”
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