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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CNBC’s Deirdre Bosa reports on Alibaba’s entry into the smart-speaker market with the Genie device, which the tech giant announced Wednesday. For now, the device only speaks Mandarin.
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Alibaba Unveils Smart Speaker To Rival Amazon Echo And Google Home | CNBC
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The 2026 World Cup will be the most attended tournament to date. Recent outbreaks of deadly diseases like Ebola and the hantavirus have caused public concern that a health crisis could be on the way. But officials believe there are higher risks of other, more contagious diseases. CNBC’s Annika Constantino has the details.
Reporting by: Annika Constantino
Produced and Shot by: Natalie Rice
Edited by: Darren Geeter
Animation: Emily Park
Senior Managing Producer: Tala Hadavi
Additional Footage: Getty Images, Reuters
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Why You Shouldn’t Worry About Ebola At The World Cup And What To Watch For Instead
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Printed circuit boards sit underneath nearly every chip, a quiet but crucial piece of the booming AI market. But they’re also a growing problem for the U.S., because nearly all AI circuit boards, for Nvidia, Google, Apple and others, are made in China. This creates supply chain vulnerabilities and opportunities for adversaries to sneak through malicious components. Amid ongoing wars in Iran and Ukraine, PCB demand and prices have never been higher. But national security risks mean the military can only source PCBs from the dwindling number of domestic factories. Now, new legislation would incentivize building and buying American-made circuit boards. CNBC visited TTM, the largest U.S. circuit board maker, to see how PCBs are made and find out how the U.S. is trying to catch up with China.
Chapters:
0:00 Introduction
3:09 Not just ‘dumb plastic’
7:29 Why security matters
10:24 How China got ahead
12:41 Can the U.S. regain ground?
Produced and Reported by: Katie Tarasov
Edited by: Marisa Forziati
Additional Editing: Erin Black
Camera by: Andrew Evers, Devan Burris
Senior Director of Video: Jeniece Pettitt
Animation: Jason Reginato, Emily Park, Christina Locopo, Alisa Stern
Additional Footage: Alisa Stern, Getty Images, Itera, Intel, Nvidia, PCBAA, Quilter, Sanmina, TTM, TSMC
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U.S. Confronts The Hidden Risk Of Chinese Circuit Boards Fundamental To AI Chips
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CNBC In Other News brings you stories that missed the spotlight.
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The Asian food category has become $37 billion market in the U.S. as consumers crave more Asian inspired snacks and meals. While American mainstream grocery stores used to only carry a limited selection of “ethnic foods,” chains like Whole Foods, Trader Joe’s and Aldi are now selling Asian products in every category like sauces, meats, packaged foods, frozen meals and spices and have been adding more items. These products appear across the store, rather than just in the ‘global foods’ section. CNBC’s Laya Neelakandan explains this rise.
Warner Music Group, which owns some of the biggest labels in the world, is investing in South Asian talent through its 5 Junction record label. Spearheaded by music industry titan Anjula Acharia, it is working to bring South Asian talent to western audiences, signing artists like Rhea Raj and Nora Fatehi. CNBC’s Laya Neelakandan explores why South Asian music is gaining steam in the U.S.
Chapters:
0:00-1:00 Introduction
1:00-3:30 How court battles have delayed the U.S. eVTOL commercial goals
3:31-8:05 Why Gen Z is driving the box office
8:06-11:50 Why Whole foods, Trader Joe’s and Aldi are selling more Asian groceries
11:51-16:25 After K-Pop and Afrobeats, is South Asian music the next big thing in the U.S.?
Host: Ryan Baker
Reporters: Samanta Subin, Laya Neelakandan, Sarah Whitten
Producers: Erin Black, Natalie Rice, Ryan Baker
Camera by: Natalie Rice, Andrew Evers, Ryan Baker
Editors: Andrew Evers, Andrea Miller, Meline Rosales, Natalie Rice, Zachary Green, Devan Burris
Animations: Jason Reginato, Emily Park, Christina Locopo, Alisa Stern
Managing Producer: Juhohn Lee
Manager Video Distribution: Divya J. Verma
Senior Directors of Video: Jeniece Pettitt, Lindsey Jacobson
Additional Footage: Getty Images, Geem, Disney, Reuters, Universal Pictures, Warner Bros., 5 Junction Records
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Air Taxis, Gen Z Moviegoers And Asian Cultural Boom | In Other News
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For the first time, enterprise technology costs roughly the same as people and CFOs are starting to openly make that comparison. Annual AI budgets are getting exhausted in weeks, and the next incremental dollar inside major companies is increasingly going to AI spend instead of a new hire.
CNBC’s Deirdre Bosa talks with two CEOs at the center of that trade:
» Arvind Jain, CEO of Glean, which just hit $300 million in annual recurring revenue, on what the AI cost reckoning looks like from inside their Fortune 500 customers.
» Matan Grinberg, CEO of Factory AI, on how companies are starting to route work across multiple AI models to control costs, and what it signals about the labor and capital decisions reshaping corporate budgets.
Anchor and columnist: Deirdre Bosa
Produced by: Jasmine Wu
Editing by: Erin Black
Technical Associate: Sami Savona
Senior Director of Video: Jeniece Pettitt
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Want to get ahead at work? Then you need to learn how to make effective small talk. In CNBC’s new online course, How To Talk To People At Work, expert instructors teach you how to use everyday conversation to gain visibility, build meaningful relationships and advance your career. Sign up now: https://cnb.cx/4sGlSkh
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