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Gas is nearly $4 again and diesel just topped $5. It’s not what you think
US gas prices have rocketed higher during the on-again, off-again war with Iran.
After a brief respite, the average price for gas has surged 15 cents in a week to $3.94 a gallon and appears headed north of $4 again. Diesel, which shows up in customersâ shipping costs, topped $5 a gallon again Thursday for the first time in 3 weeks, according to AAA.
It serves as a painful reminder of how the military conflict in the Persian Gulf has a direct effect on your wallet.
Rising fuel prices arenât just a story about higher oil prices anymore. Gas and diesel prices have taken on a life of their own, divorced from whatever is going on in the Strait of Hormuz and Americaâs ability to extract concessions from Iran.
Diesel prices top $5. Here's what it means for what you buy
Diesel costs could extend financial pain beyond the gas pump, economists said.
The average price of a gallon of diesel fuel topped $5 this week as a resumption of large-scale fighting between Iran and the United States renewed fears of a worldwide oil shortage.
A run-up in diesel costs — which is also affected by Ukraine's attacks on Russian refining operations — threatens to extend financial pain well beyond the gas pump, pushing up prices for everything from groceries to at-home deliveries to moving services, some economists told ABC News.
Diesel fuel powers many of the trucks, trains and ships that transport products across a vast global supply chain. The price hike for any individual item would likely be modest, but the pileup of extra costs could weigh on wallets, they said.
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