Diesel hits a record $5.85, and your grocery bill is about to feel it
Gas prices might look steady, but Diesel just hit an all-time high that is going to hurt everyone's wallet soon.
So, Diesel just smashed through the ceiling, hitting a record $5.85 a gallon. While your neighborhood pump price for regular gas might look okay, the stuff that actually moves the world is getting painfully expensive.
Think about how your stuff gets to you. Trains, tractors, and those massive cross-country trucks—they all run on Diesel. When it costs a fortune to move goods, those costs don't just vanish; they get tacked onto your grocery bill and your online shopping carts. It’s the classic supply chain domino effect, and it’s hitting everything from farming to the school buses driving kids to class.
Refineries are playing a weird game right now, prioritizing profits while global supply lines deal with blocked routes and drone strikes. Experts at ING and Goldman Sachs aren't exactly betting on a quick fix, either. Even if the current geopolitical chaos cools down, the refining mess means these prices are likely here to stay for a while.
It’s funny how the price at the pump is supposedly detached from crude oil costs, yet somehow perfectly attached to record corporate profits for places like Marathon and Valero.
Source: American Automobile Association
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