Energy

Everyone is worried about gas prices, but diesel is driving inflation more than you think

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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

Even before Russia invaded Ukraine, the fuel that runs the global economy was in short supply.

Now some analysts say there could be spot shortages of diesel fuel and prices may stay elevated, even if oil and gasoline decline.

Those higher diesel fuel prices are also stoking inflation.

“I’ve started to use the term diesel ‘crisis.’ It clearly is a crisis that’s happening before our eyes. I wouldn’t rule out lines, shortages or $6 [price] in places beyond California,” said Tom Kloza, head of global energy research at OPIS. “I wouldn’t…



Source cnbc.com

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