Crude oil is the biggest driver for fuel prices, and benchmark crude futures have climbed back above $100 a barrel on the intensification of conflict between the U.S. and Iran.
Industries that depend on diesel were already feeling the impact when crude oil futures on Thursday hit their highest level since mid-May. Brent settled at $107.63 a barrel and West Texas Intermediate futures at $102.48 a barrel.
“Every truck, every delivery, every package, every grocery run just got more expensive,” GasBuddy analyst Patrick De Haan said on social media site X.
“Record diesel prices will impact every cargo, shipment, every delivery Americans are taking, and are likely to reignite inflation up and down the supply chain,” he said.
Lowkey hoping that a record-shattering el nino will give us 60F February again here in the northeast. …dyed diesel (home heating oil) is already circling $5.50/gal.
Most homes in the northeast, at least in my experience, are natural gas or oil.
Our electricity is already something like $0.40/kwh…so electric heat without solar is equally absurd.
I’m so thankful I no longer have oil heating for my home. It was already incredibly expensive to heat a house that way, but now? Holy shit.
I’m glad we just use electricity for heat where I live