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 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…Open
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…
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…Open
A California driver walked away with only minor injuries after at least six metal pipes from a pickup truck crashed through the rear window of the sedan, a near-miss that the California Highway Patrol called a preventable consequence of improperly secured cargo. The collision happened Thursday, July 16, on a highway in Orange County, California. […] The post Unsecured metal pipes pierce sedan on Orange County highway as driver barely escapes appeared first on American Almanac .
A California driver walked away with only minor injuries after at least six metal pipes from a pickup truck crashed through the rear window of the sedan, a near-miss that the California Highway Patrol called a preventable consequence of improperly secured cargo. The collision happened Thursday, July 16, on a highway in Orange County, California. A white pickup truck loaded with metal pipes struck a gray sedan, and upon impact the unsecured load launched forward, puncturing the sedan's rear windshield and lodging deep inside the vehicle. Photos released by the CHP Santa Ana Area Office show the long pipes jutting through shattered glass, occupying the space where a rear-seat passenger would sit. The sedan's driver escaped with minor…Open
Drivers can expect pump shock déjà vu as the national average gas price again climbed over $4 per gallon today, as President Trump appears poised to escalate the war in Iran. The big picture: Tanker traffic is once again being choked in the Strait of Hormuz after fighting between Iran and the U.S. reignited, with Washington reinstating a naval blockade that could dramatically escalate tensions. - Oil prices have risen as the conflict has escalated and the memorandum of understanding between the U.S. and Iran unravels . Driving the news: The national average is now $4.00 a gallon, per AAA. Catch up quick: Last month, prices slipped back below $4 per gallon, giving some relief following months of pain at the pump. - As a result,…
Drivers can expect pump shock déjà vu as the national average gas price again climbed over $4 per gallon today, as President Trump appears poised to escalate the war in Iran. The big picture: Tanker traffic is once again being choked in the Strait of Hormuz after fighting between Iran and the U.S. reignited, with Washington reinstating a naval blockade that could dramatically escalate tensions. - Oil prices have risen as the conflict has escalated and the memorandum of understanding between the U.S. and Iran unravels . Driving the news: The national average is now $4.00 a gallon, per AAA. Catch up quick: Last month, prices slipped back below $4 per gallon, giving some relief following months of pain at the pump. - As a result,…Open
Just when Republicans thought they'd caught a break on gas prices, the collapse of President Trump's Iran deal is derailing their best chance to change the inflation story before the midterms. Why it matters: Falling gas prices are one of the most tangible ways to ease voter anger over inflation. Renewed combat — and the threat of escalation — has prices shooting back up. The big picture: Trump has said repeatedly that gas prices will "drop like a rock" when the war is over. But the war doesn't look like it's ending anytime soon. - When the U.S. first launched attacks on Feb. 28, average gas prices nationally were $2.98 a gallon, per AAA. They eclipsed $4.50 in May, gradually dropped to about $3.75 earlier this month, and are now…
Just when Republicans thought they'd caught a break on gas prices, the collapse of President Trump's Iran deal is derailing their best chance to change the inflation story before the midterms. Why it matters: Falling gas prices are one of the most tangible ways to ease voter anger over inflation. Renewed combat — and the threat of escalation — has prices shooting back up. The big picture: Trump has said repeatedly that gas prices will "drop like a rock" when the war is over. But the war doesn't look like it's ending anytime soon. - When the U.S. first launched attacks on Feb. 28, average gas prices nationally were $2.98 a gallon, per AAA. They eclipsed $4.50 in May, gradually dropped to about $3.75 earlier this month, and are now…Open
AAA projects 5.84 million people will fly this holiday, while roughly 85% of travelers will take road trips.
The U.S. national average gas price has dropped back below $4 a gallon, per AAA , a sign of Americans' pain at the pump easing after months of war in Iran . The big picture: Iran's squeeze on oil traffic through the Strait of Hormuz battered the global economy. But crude prices in June fell to their lowest levels in over three months on news of an extended ceasefire agreement between the U.S. and Iran. - The agreement is designed to restore shipping through the strait, but even with a full reopening, U.S. pump prices will likely remain higher than pre-war levels for some time. Driving the news: The national average is now $3.9990 a gallon, per AAA. - A year ago, the average was $3.1880. - Diesel prices remain over $5 per gallon,…
The U.S. national average gas price has dropped back below $4 a gallon, per AAA , a sign of Americans' pain at the pump easing after months of war in Iran . The big picture: Iran's squeeze on oil traffic through the Strait of Hormuz battered the global economy. But crude prices in June fell to their lowest levels in over three months on news of an extended ceasefire agreement between the U.S. and Iran. - The agreement is designed to restore shipping through the strait, but even with a full reopening, U.S. pump prices will likely remain higher than pre-war levels for some time. Driving the news: The national average is now $3.9990 a gallon, per AAA. - A year ago, the average was $3.1880. - Diesel prices remain over $5 per gallon,…Open
AAA’s July 4th forecast projects more than 72 million Americans will travel at least 50 miles from home over the holiday.
Data: AAA; Chart: Ben Geman/Axios Pain at the pump is easing, but gas is far costlier heading into the summer than last year — and what comes next is wildly unpredictable. Why it matters: High gas prices are the most visible economic effect of the Iran war for many Americans grappling with inflation . Driving the news: The U.S. average price for regular is $4.39 per gallon on Friday, per AAA — down 16 cents over the last week as the U.S. and Iran closed in on a possible deal to extend the ceasefire. - But it's still far above the roughly $3 that Americans were paying right before the war started. - Prices are seeing their largest weekly drop of the year, Patrick De Haan, head of petroleum analysis at the fuel data and analysis firm…
Data: AAA; Chart: Ben Geman/Axios Pain at the pump is easing, but gas is far costlier heading into the summer than last year — and what comes next is wildly unpredictable. Why it matters: High gas prices are the most visible economic effect of the Iran war for many Americans grappling with inflation . Driving the news: The U.S. average price for regular is $4.39 per gallon on Friday, per AAA — down 16 cents over the last week as the U.S. and Iran closed in on a possible deal to extend the ceasefire. - But it's still far above the roughly $3 that Americans were paying right before the war started. - Prices are seeing their largest weekly drop of the year, Patrick De Haan, head of petroleum analysis at the fuel data and analysis firm…Open