Apr 30, 2022 - Economy

Diesel fuel soars above gas prices

Gas and diesel retail price
Data: U.S. Energy Information Administration; Chart: Thomas Oide/Axios

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.
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