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Gasoline and diesel fuel prices have risen 30 cents a gallon on average since Israel attacked Iran in early June.
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Six ways to prepare your trucking fleet for whatever diesel fuel prices may bring this year.
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The national average retail price for a gallon of on-highway diesel fuel rose by nearly another nickel over the past week, with a nearly 17-cent surge in California.
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“This is a bit of an interlude in what is going to be a stormy, stormy path the rest of this year and into 2023 as well,” said Tom Kloza of OPIS.
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"Short-term gain, long-term pain," is what one analyst called the White House release of oil from the nation's Strategic Petroleum Reserves in an effort to bring down fuel prices.
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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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Diesel and crude oil prices are the highest recorded in years as consumption surges in the U.S.
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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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