Record diesel prices are already walloping the transportation sector, and if energy prices stay high, the economic impact will spread.

A record $6.04-a-gallon average is squeezing nonprofits, schools and farmers who rely on diesel to operate

If you’ve been following the news of late, you couldn’t help but notice the cost of diesel fuel has skyrocketed. You may also wonder why it’s important. The cost of diesel is one of the most important components of inflation and will soon make the cost of living rise even further. Why is the cost of diesel fuel rising? How will it impact inflation?

Diesel and gas prices jumped again in Michigan and the U.S. in the past 24 hours, with diesel costs smashing previous records.

The Journal noted that while it’s difficult to forecast how high oil and fuel prices will go, it seems unlikely they will fall soon. What’s more, the report pointed out energy experts are concerned that with no end in sight to the war, "the situation risks spinning out of control."

The average Michigan gas price climbed to $4.64 on Sept. 16 as diesel hit a record in the state and the global oil market faced mounting disruptions.

Americans are set to face a significant spike in gas prices on Wednesday and Thursday as the conflicts in Ukraine and Iran continue to squeeze global oil supplies, according to analysts. Tom Kloza, chief energy advisor at Gulf Oil,

Rising gas prices have garnered a lot of attention, but diesel prices have also sharply increased in recent weeks amid mounting military tensions with Iran.