Tech
Why Diesel Is Driving Up The Cost Of Everything
Diesel prices reached all-time highs in March of 2022. Gasoline prices may hit consumers directly, but diesel prices are driving up the costs of all kinds of goods. They are also hurting the trucking industry, which is dominated by small businesses.
Consumers notice spiking gasoline prices every time they drive to the pump. But energy industry analysts say the current spike in diesel prices is historic — and is pushing up the cost of all kinds of goods.
Diesel prices are hovering around all-time highs, forced upward by the same circumstances that have fueled gasoline’s rise.
“The price of diesel is probably the bigger headline here,” said Patrick De Haan, head of petroleum analysis for GasBuddy.
Nearly everything people buy is at some point freighted in a vehicle powered by a diesel engine. Ships and barges, trains, trucks and even some airplanes run on diesel fuel.
Diesel hit an all-time high of $5.135 on March 12, according to AAA. As of April 27, the price was only slightly lower at $5.093.
That increase is hitting consumer prices hard, says Moody’s Analytics chief economist Mark Zandi, who notes that diesel has had a significant factor in rising inflation.
It is also hitting truckers hard. Truckers who used to spend about $10,000 a week on fuel now are spending closer to $18,000 a week.
Freight industry analysts suspect the very fragmented and volatile trucking industry will likely experience another severe recession. Some are even calling it a “bloodbath.”
“We see when fuel surges as much as it has over the past couple of months, that’s usually when we see a lot of trucking bankruptcies follow,” said Craig Fuller, founder and CEO of Freightwaves, an industry data tracker.
That amounts to bad news for the nearly 2 million trucking companies in America, the vast majority of which are small businesses with just a handful of trucks.
“These small operators that live essentially on the cash flow of their trucking operations are not prepared and don’t have the balance sheets or the cash position to absorb these instantaneous shocks to their cash flow,” Fuller said.
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Why Diesel Is Driving Up The Cost Of Everything
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Audi sales have struggled over the last several quarters in the US. The brand is challenged by tariffs, a shift away from EVs and vehicles that are neither selling well nor garnering the critical approval for which Audi had been known in the past. Competitors BMW and Mercedes-Benz are performing better overall. The brand has unveiled three new SUVs in the US this year. The three row, full-size SUV is the third SUV it has unveiled in 2026. This product offensive will give Audi the “youngest” SUV lineup in the US premium market, the company said. Analysts say this new lineup, along with other updates to other vehicles, can give the brand a boost. But some of Audi’s challenges are structural.
Produced, Shot and Edited by: Natalie Rice
Reporting by: Robert Ferris
Animation: Christina Locopo, Alisa Stern
Senior Director of Video: Lindsey Jacobson
Additional Footage: Getty Images, VW Group
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Walter Mossberg, The Verge executive editor, gives his take on the iPhone 7.
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A growing number of consumers are seeking out third spaces and membership clubs focused on wellness to improve their health while also socializing.
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Consumer electronics retailer Best Buy is testing out a new format as it tries to steady the business and boost sales growth. It’s opening new, smaller-scale stores this summer in markets about half the scale of its traditional locations. CNBC’s Laya Neelakandan spoke exclusively with incoming CEO Jason Bonfig about his plans for the concept.
Produced, Shot and Edited by: Natalie Rice
Reporting by: Laya Neelakandan
Animation: Jason Reginato, Emily Park
Senior Director of Video: Lindsey Jacobson
Additional Footage: Best Buy, Getty Images
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Best Buy Is Shrinking Some Stores. Here’s Why That’s A Good Thing
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Brian Krzanich, Intel CEO, discusses his company’s efforts to invest in artificial intelligence and autonomous vehicles through Alphabet’s Waymo partnership.
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