The price of diesel hit $4 a gallon over the weekend for the first time in nearly eight years. And that means US consumers will soon be paying more for a wide range of goods.
On the face of it, Americans may think diesel prices don't affect them much. But though few Americans drive diesel-powered cars, most large trucks do use the fuel — and just about all goods sold in the United States are moved by truck at some point.It's yet another potential blow to consumer prices and to the trucking industry, which has been facing challenges for years in large part because of a shortage of drivers.
Prices for all fuels have been climbing steadily since mid-2020 as the collapse of oil prices early in the pandemic caused OPEC nations and their allies, including Russia, to trim production. Further pushing up prices recently is Russia's attack on Ukraine and the subsequent imposition of economic sanctions including on Russian banks, making traders concerned about their ability to close deals as well as the potential risks for tankers picking up the oil at Russian ports.
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Oil tops $100: When will you see $4 a gallon gas in your state?The national average will likely reach $4 a gallon by mid-March, one expert said.
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Oil tops $100: When will you see $4 a gallon gas in your state?The national average will likely reach $4 a gallon by mid-March, one expert said.
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Oil tops $100: When will you see $4 a gallon gas in your state?Gas prices were rising rapidly even before Russia's invasion of Ukraine, but with the current shock to the oil market, $4 a gallon gas is now likely to be widespread across the country in a matter of weeks -- if not sooner.
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Oil tops $100: When will you see $4 a gallon gas in your state?Gas prices were rising before Russia invaded Ukraine, but with the current shock to the oil market, $4 a gallon gas is now likely to be widespread.
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Gas in San Antonio up 6%, could hit $4 a gallon as Russian invasion of Ukraine continuesThe average price for a regular gallon of gas in Bexar County currently sits at $3.27, an increase of 33 cents over the past month. SanAntonioTX SATX SanAntonio gasprices GasPrice RussiaUkraine Russia Inflation
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Oil tops $100: When will you see $4 a gallon gas in your state?Gas prices were rising before Russia invaded Ukraine, but with the current shock to the oil market, $4 a gallon gas is now likely to be widespread.
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