Diesel hits 5 dollars. Price of everything to go up.
Farmers, truckers upset.
Who’d ya vote for, Bro?
Although the average American likely isn’t driving a vehicle that runs on diesel, the heavier gasoline is crucial to fueling the global supply chain.
“Diesel is what moves the real economy. It hauls the food, the packages, the building supplies and the inventory sitting on store shelves,” said Paul Dietrich, chief investment strategist at Wedbush Securities.
“If the Iran war keeps diesel prices elevated, this becomes a direct hit on consumer prices. Groceries get more expensive, delivery costs rise and household budgets are tightened,” he said.
The latest diesel prices are especially jarring because of how quickly they have risen. Just a month ago, the average cost of a gallon of diesel was about $3.65, according to daily AAA fuel pricing data.
Farmers were some of the first Americans to feel the shock from skyrocketing diesel costs.
John Boyd Jr. is a fourth-generation farmer in Virginia who grows soybeans, corn and wheat. Like thousands of other family farms across the country, Boyd’s business is under increased financial pressure this year because of price hikes triggered by events halfway around the world.
Boyd told NBC News that his tractor requires 100 gallons of diesel fuel to fill it up. At the current national average, that means Boyd would be paying around $500 for a tank of gas, which “doesn’t last long.”
“That’s a lot of money for me,” Boyd said.
Meanwhile.
