Home Economy Record High Diesel Prices Will Ripple Across The Economy

Record High Diesel Prices Will Ripple Across The Economy

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The highest inflation in the U.S. in four decades is set to persist and even increase in the coming months as the price of diesel is at record highs amid very tight domestic inventories and a global shortage of supply.   Diesel is used in every part of the industrial activity and supply chain, from goods transportation to manufacturing and agriculture; it fuels America’s economy. Diesel prices have soared to record highs in recent months, adding further upward pressure on U.S. inflation figures. The exceptionally tight diesel market at home and abroad is unlikely to ease any time soon, considering the post-COVID demand from industry and for leisure and travel, as well as the reduced supply of diesel, other fuels, and crude oil from Russia following the invasion of Ukraine and the bans on Russian imports or self-sanctioning of buyers in the West to buy Russian energy goods.

“Inflation is much too high”

The national average U.S. diesel…

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