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Retail fuel prices have never increased so quickly on a percentage basis over a three-week period, according to the Department of Energy.
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Oil and diesel prices, already spiking, may get worse with President Biden's move to cut off crude oil imports from Russian in the wake of the invasion of Ukraine.
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Russia’s invasion of Ukraine could have ripple effects throughout the supply chain and trucking, as oil prices have soared and cyber security experts say cyber attacks won’t likely remain inside Ukraine’s borders.
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Diesel prices have risen to their highest since the end of 2014, and crude oil prices don’t show signs of improving anytime soon.
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National on-highway diesel prices rose to $3.33 per gallon last week, as crude oil prices hit their highest level in more than six years.
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Diesel and crude oil prices are the highest recorded in years as consumption surges in the U.S.
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The fuel cost component of FTR's Trucking Conditions Index recorded the largest negative change in more than three years.
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The increase in crude oil prices – and therefore diesel prices – is led by recovering demand and suppressed supply, the roll-out of the COVID-19 vaccine, and falling inventories, analysts say.
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Oil prices bounced back last week, jumping to more than $30 a barrel. While some see this as a positive, there might be more to consider below the surface, both literally and metaphorically.
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Diesel prices are once again down this week, dropping an average of 39 cents a gallon since last week and by $1.114 since last year.
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