The record price of diesel threatens to stoke inflation at a time when consumers are already price-sensitive and businesses are reeling from higher costs due to trade tensions. Why it matters: Diesel is a key cost throughout the supply chain, meaning soaring prices could eventually show up in what consumers pay for everything from groceries to household goods. Driving the news: The national average price of a gallon of diesel topped $6 for the first time ever, AAA said Friday, Axios' Ben Berkowitz reports . - That's up 60% from a year earlier. Between the lines: Food prices could be among the first places consumers feel the ripple effects, executives said this week. - At grocery chain Kroger, which has been trying to keep a lid on…
The national average price of a gallon of diesel jumped over $6 for the first time ever, AAA said on Friday. Why it matters: The fuel that runs the economy is getting more expensive by the day, costing businesses and consumers alike billions of dollars. - While the $6 threshold is more psychological than anything else, it points to months of continued pain for drivers, shippers and shoppers. Data: AAA; Chart: Ben Geman/Axios Driving the news: At $6.0556 a gallon, diesel is about 14% more expensive than it was a month ago and over 60% more than a year ago. - That is starting to show up in other prices, as has long been feared; inflation data out Thursday showed sharp spikes in transportation and warehousing costs, for example. Stunning…
Energy Secretary Chris Wright on Sunday cautiously predicted gasoline price relief is on the way, but stopped short of firm or precise pledges. Why it matters: Pump prices are at their highest Labor Day weekend levels on record, and the midterms loom less than two months away. - His appearances on Sunday political shows also comes as diesel prices, which ripple through the economy, are at all-time highs . "I think prices headed downward is — is not an unreasonable expectation," he said on CBS's "Face the Nation." State of play: On that show and others, Wright noted that U.S. gasoline demand typically falls after Labor Day with the end of the traditional summer driving season. - He also promoted recent administration moves to ease some…
While 17 million are expected to fly, according to TSA, 50 million are expected to drive to celebrate the Labor Day weekend, according to AAA. Travel times are expected to peak between 1 p.m. and 5 p.m. Saturday. NewsNation's Marcus Espinoza reports from Newark Liberty International Airport. Start your day with "Morning in America," NewsNation's live three-hour national weekend morning newscast hosted by Anna Kooiman. Saturday and Sunday starting at 6a/5C. #MorningInAmerica NewsNation is your source for fact-based, unbiased news for all Americans.
Persistent pump pain and pricey burgers mean this summer's last hurrah comes with a cost crunch. The big picture: Gasoline prices are almost certain to remain north of $4 per gallon over Labor Day weekend — a heavy travel stretch and the time when midterm election season intensifies. Driving the news: Labor Day gas prices are slated to be the highest on record, surpassing the previous one set in 2012, per market tracking firm GasBuddy and AAA . - That's coming off a record-setting August, where the monthly national average of $4.07 trounced 2022's record, per AAA data. - While regular gas prices are more likely to impact Labor Day travel than diesel, the fuel that powers America's trucking fleet hit a new high Friday, driving up…
Because diesel powers freight and delivery networks, as well as agricultural machinery, the high costs of fuel will impact a long list of everyday goods.
The average price of diesel topped its 2022 record high on Friday, spiking to $5.85 per gallon, per AAA . Why it matters: Farmers, truckers and freight companies have been absorbing higher diesel costs since the Iran war began. The ballooning price threatens to further raise shipping costs while compounding a growing political problem for President Trump . - It can also indirectly affect households by putting inflationary pressure on anything Americans buy that's carried by truck, which includes a massive share of goods. Driving the news: Diesel has been rising steadily for weeks, but surged 17 cents in just the last two days. - The previous record was $5.816, per AAA, set in June 2022. - Diesel typically costs more than gasoline…
The state of the global diesel market is getting even more precarious as the Russia-Ukraine war and the Iran crisis squeeze supply from multiple angles. Why it matters: Diesel prices ripple through economies here and abroad, affecting shipping costs, construction and plenty in between. - The average U.S. price is up 44 cents over the last month to $5.32 per gallon, compared to $3.71 a year ago, per AAA. - However, during the Iran crisis, it hasn't hit the all-time high of $5.82 per gallon that AAA recorded in mid-June of 2022. Driving the news: A new S&P Global Energy analysis unpacks the ingredients behind the "big squeeze" in global refined product markets. - S&P estimates that refineries worldwide processed 7.5 million barrels per…
