Diesel prices hit record high, snarling shipping and logistics

Diesel prices reached record highs over the past week, threatening an already-strained supply chain that is heavily reliant on the fuel for freight trucking with prices that are nearly double last year's averages. The average cost of diesel fuel in the United States now sits at $5.37 per gallon, AAA says. Unlike gasoline prices, whose lunar trajectories have plateaued since spiking after Russia's invasion of Ukraine, diesel costs may continue to rise.

Truckers are already concerned about growing, uncompensated costs that have the potential to drive smaller owner-operators out of business. Average retail prices for diesel topped $5.00/gallon just last week — the highest in records going back to 2005 — and have crept up more than 4% since. Prices jumped in recent days amid record futures contracts and decades-low stockpiles, further squeezing consumers dealing with soaring inflation. Russia’s invasion of Ukraine has tightened global supplies of the fuel and led to fierce competition for diesel produced on the U.S. Gulf Coast.

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