Gasoline prices are bad enough but diesel is out of sight for consumers beyond truckers, miners and landscapers. Made worse by the Russian invasion of Ukraine, rising diesel prices means higher consumer prices, as well.
to provide some price relief -- heating oil is virtually the same as diesel.
“The rise in diesel is crushing our members on shipping costs,” said Greg Moreland, the Pennsylvania director of the National Federation of Independent Business. “At every stage of transport, the costs have increased, if you can get the goods you need. When costs are incurred by the business, they pass those on to the customer, perpetuating the high inflation we are seeing right now.”
Rising energy costs are a topic of passionate political finger-pointing -- some blame oil and gas producers for holding back production, while others blame policymakers for disincentivizing production with anti-fossil fuel rhetoric. Greater demand in Europe for diesel to replace Russian fuel has played a significant role in driving up diesel costs in the United States. The impact is greatest on Northeastern markets, which are more dependent on imported fuels after the closure of about half of the region’s refineries in the last decade, including the 2019 shutdown of the largest refinery in the Northeast,PES production accounted for about 100,000 barrels per day of “distillates,” a category that includes diesel.
There seems to be no end in sight. Stocks of diesel amount to about 103 million barrels, compared with normal storage of about 220 million barrels, he said. Exports of U.S. diesel to Latin America and Europe are at record amounts, ranging up to 1.5 million barrels a day.
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