(WKBN) – The price of diesel fuel has reached a milestone. It’s the highest it has ever been.
According to gasbuddy.com, diesel sits at an average of $5.16 per gallon, surpassing the previous record of $5.15 per gallon set on March 10.
In addition, diesel prices are $1 per gallon higher than gasoline, surpassing the record .98-cent difference set in November 2008.
Diesel moves the country and the price of it impacts just about every consumer. When transportation costs increase, the price of things we use every day increases, too. It’s a one-two punch for Americans already feeling the impact of record-high inflation.
According to GasBuddy, the recent resurgence in diesel prices can be attributed to the Ukraine-Russia situation and plunging inventories of oil and refined products, like diesel, along with recovering demand as goods move across the country.
It looks like the Northeast is taking the brunt of the diesel price increase. Factors that play into that are a fire that shut down the Philadelphia Energy Solutions refinery in 2019 and fallout from COVID-induced shutdowns, both of which caused a loss of nearly half a million barrels in refining capacity.
It looks like diesel prices will remain high, but GasBuddy says that refiners are likely to adjust yields to help.