Diesel, Consumer Price Index
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The nationwide average price of a gallon of diesel rose to $6.069 on Friday, according to Dow Jones Energy data, marking the first time the U.S. average has moved above $6. In California, the average reached almost $8, at $7.983 per gallon.
As diesel crosses $6, the risk is building that soaring energy costs will start to hurt far beyond gas pumps.
Diesel cars are no longer sold in the U.S., but the high cost of diesel fuel has become a big problem. How so? Diesel is still the fuel of choice for truckers who carry goods across the country to connect businesses to other businesses or to consumers.
The cost of diesel hit $6 a gallon for the first time ever this week. It could be another blow to consumers already feeling the sting of high inflation.
Record-high diesel prices are increasing transportation costs for groceries, packages and everyday goods across the country, as disruptions to global oil supplies continue to strain the energy market.
The reading comes just hours before the Bank of England updates its monetary policy.
Fuel prices are climbing once again, and the impact is being felt far beyond the gas pump. For trucking companies that rely on diesel fuel every day, those increases add up quickly. Ed Nagle,