Petrol and DIESEL price rises push UK inflation
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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.
Russia's diesel export ban affects about 800,000 bpd of supply while the disruptions in the Strait of Hormuz have affected about 1.2 million bpd, Lipow said. Iran's Houthi allies knocked out Saudi Arabia's Jizan refinery that produces about 200,000 bpd, he said.
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 problem is that even before fuel prices began to spike, inflation had already been accelerating and running hot, and the current fuel price spikes will add to it, just when the economy has become more forgiving of price increases. The broadest ...
Summer holidays and disruption to global oil supplies by the Middle East conflict stoked price growth.