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.
National average diesel fuel prices were $3.35 per gallon as of Aug. 16, 2021, according to the U.S. Energy Information Administration.
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.
Diesel and crude oil prices are the highest recorded in years as consumption surges in the U.S.
National average diesel fuel prices were $3.02 per gallon as of May 24, 2021, down a little less than one cent week-over-week but up $1.06 over the same time last year.
While down $0.03 week-over-week, the rising trend we have seen since early November 2020 is continuing and is up $0.58 centers over same time last year.
This uptick continues the rising trend we have seen since early November 2020, and has finally eclipsed prices same time last year.
The fuel cost component of FTR's Trucking Conditions Index recorded the largest negative change in more than three years.
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