“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.
Despite diesel prices climbing new records, a temporary suspension of federal gasoline and diesel taxes is not the answer, writes HDT Editor in Chief Deborah Lockridge. Here are three reasons.
President Biden has called for a three-month federal fuel tax holiday to help alleviate the pain of record gasoline and diesel fuel prices. But it faces and uphill battle in Congress, and critics say it could even backfire.
Diesel fuel prices have dropped slightly as the White House mulls its options to address a diesel shortage in the Northeast.
The average price of a gallon of diesel fuel hit a new high this month, besting the last week’s record high by 11 cents.
The national average diesel price at the pump topped the $5 mark for the first time in the week reported March 14, at $5.25. It has remained over $5 a gallon ever since.
Retail fuel prices have never increased so quickly on a percentage basis over a three-week period, according to the Department of Energy.
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.
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.
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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