Diesel Price Surge: Impact on Consumers, Businesses, and Housing Market
The average cost of diesel has risen since the start of the war in Iran, affecting consumers, businesses, and the housing market. Diesel prices are at record highs, with the national average reaching $5.62 per gallon, up 53% from last year. This increase is due to supply disruptions and reduced refining capacity, particularly in Russia. Higher diesel prices are hurting consumers and businesses that rely on it for transportation and heavy machinery. In the U.S., diesel powers a large part of the economy, fueling equipment on farms, trains, trucks, and other heavy machinery. The surge in diesel prices is also impacting the housing market, as construction costs rise due to increased fuel expenses for trucks and heavy equipment.8 sourcesSee all sources
