Diesel hits $6 for the first time, and your grocery bill is next
Everything that keeps the economy moving just got a lot more expensive, and there is no magic switch to fix it.
Diesel prices just smashed through the $6 barrier for the first time in history. Since almost everything we eat or use travels by truck, this isn't just about what AAA shows at the pump.
The global supply chain is currently missing about 8% of its diesel, largely thanks to the ongoing mess in Russia and Ukraine, plus the strikes involving Iran. Experts are saying refiners are already maxing out production, meaning there is basically no extra fuel hiding anywhere in the system. When the trucks cost more to move, the eggs, milk, and clothes at the store follow suit.
It is a fascinating way to watch the cost of living climb while the global machine slowly runs out of ways to compensate.
Source: CNN
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