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How record diesel prices will rip through the U.S. economy. Trucks, rails are only the start
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Ever since the outbreak of war with Iran earlier this year, motorists have been warily eyeing prices at the pump. While unleaded gas prices have largely avoided historic highs, the same can't be said for diesel fuel, which hit an all-time high of $6.31 per gallon on Wednesday. Â
That was just the latest grim milestone in what has been a steady march upward. Economists and supply chain experts say what starts in the transportation sector, where trucking and rail companies are feeling the pain now â will eventually push prices on virtually everything in the economy up.
'How are we gonna get through this?' Americans face tough decisions as diesel and gas prices rise
“People are just very frustrated right now," a soybean farmer told ABC News.
As diesel and gas prices soar in the United States amid the war with Iran, Americans across the country are making tough decisions as they continue to cope with the heavy strain of inflation.
“You have to manage your bills. You have to manage the food you bring in. You have to manage how you pay your bills … everything has to be budgeted,” said Betsy Rosado, a 47-year-old mother who lives with her husband and five of their children in Spring Hill, Florida.
Rosado said her business degree has helped her manage household finances. But for others, the budgeting agony “could bring somebody to the point of depression, and it could bring somebody to a mental collapse, especially when they have kids.”
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