US diesel tops 2022 record at $5.85, disrupting deliveries
India
Diesel just hit a new all-time high in the US at $5.85 per gallon, breaking the old record from 2022.
Since diesel powers trains, tractors, and trucks and lots of farm equipment, this jump is making waves across everything from deliveries to agriculture.
Asia exports, Iran slowdowns, refinery shifts
A mix of global issues is behind the surge: think fewer exports from Asia, shipping slowdowns near Iran due to conflict, and Ukraine's attacks on Russian refineries cutting supply.
On top of that, US refineries are making more jet fuel instead of diesel right now.
Inflation up 3.4% year over year
With diesel so expensive, inflation is getting worse (up 3.4% since last year), and costs for food and goods could keep rising, especially as farmers and schools rely heavily on diesel to keep things running.