Diesel Hits Record; Analysts Warn of Worse
Diesel Hits Record; Analysts Warn of Worse
The News
Gas and diesel prices are spiking to record levels across the United States, and fuel analysts warn prices could climb higher in the coming days.
Diesel is the sharper problem. CNBC reports record diesel prices are already walloping the transportation sector, and that the damage will spread through the wider economy if energy prices stay high.
The Independent reports experts expect it to get worse.
The Numbers
The average price for a gallon of regular unleaded in Illinois rose to $4.78, according to AAA figures cited by The Center Square on Thursday.
Timeline
The Center Square reports Illinois pump prices jumped again, with AAA putting regular unleaded at $4.78 a gallon.
The Washington Examiner reports fuel experts warning that gas and diesel could climb further in the coming days, to unprecedented levels.
The Independent reports diesel and gas prices are hitting record levels and that experts expect worse ahead.
CNBC reports record diesel prices are hitting trucking and rail first, with broader economic effects to follow if prices hold.
Reactions
President Donald Trump has called the fuel costs "a very inexpensive price to pay" for his Iran war, according to The Independent.
Fuel analysts cited by the Washington Examiner take the opposite view of where this is heading, warning that pump and diesel prices have not peaked and could reach unprecedented levels within days.
CNBC frames the squeeze as an economy-wide risk rather than a transport-only one: trucks and rails are only the start.
What's Next
Analysts quoted by the Washington Examiner expect further increases in the coming days.
The open question is duration. CNBC's reporting hinges on whether energy prices stay high — if they do, the cost passes from freight into the goods those trucks and trains carry.
Weekly AAA state and national averages will show whether the climb is continuing.
Poll
Are rising fuel prices an acceptable cost of the Iran war?
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