Diesel fuel soars above gas prices
The gap between the prices of diesel and regular gasoline has reached an all-time high.
Why it matters: The escalating price of diesel fuel is contributing to inflation, potentially driving up shipping costs as truckers seek to pass along the extra costs to their customers.
By the numbers: The average price of diesel fuel was $5.16 on Friday, more than a dollar more than gasoline — a record, according to fuel savings app GasBuddy.
- The previous record was 98 cents in November 2008.
Between the lines: "Distillate inventories, which include diesel and jet fuel, have plummeted to their lowest level in years,” wrote Patrick De Haan, head of petroleum analysis at GasBuddy.
- Recovering demand and the Russian war in Ukraine are among the factors to blame.