Energy

Diesel fuel is in short supply as prices surge — Here’s what that means for inflation

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The prices for gas and diesel fuel, over $6.00 a gallon, are displayed at a petrol station in Los Angeles, March 2, 2022.

Frederic J. Brown | AFP | Getty Images

Diesel prices are surging, contributing to inflationary headwinds due to the fuel’s vital role in the American and global economy. Tankers, trains and trucks all run on diesel. The fuel is also used across industries including farming, manufacturing, metals and mining.

“Diesel is the fuel that powers the economy,” said Patrick De Haan, head of petroleum analysis at GasBuddy. Higher prices are “certainly going to translate into more expensive goods,” he said, since these higher fuel costs will be passed along to consumers….



Source cnbc.com

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