Trucking company says long-term contracts are forcing it to absorb increasing cost of diesel
Diesel prices have reached record highs, exceeding $6 per gallon in 49 US states and topping $6.50 per gallon nationally. Trucking companies and businesses in Vermont are absorbing these costs due to long-term contracts. The surge is driven by a global refinery crunch and fuel shortages linked to wars in Ukraine and Iran. These price levels are impacting farmers as harvest season begins and may lead to higher holiday shopping costs for consumers. Some operators, such as a Rochester snow plow company, have already budgeted $35,000 for fuel.
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- ✓ US diesel prices have topped $6.50 a gallon.
- ✓ Diesel costs exceed $6 per gallon in 49 US states.
- ✓ Global diesel prices have hit record highs.
- ✓ Wars in Ukraine and Iran are contributing to a global diesel shortage.
What changed
Diesel prices have surpassed $6 per gallon in nearly every US state amid a global refinery crunch.
Live updates
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Record Diesel Prices Pressure US Trucking and Agriculture
Diesel prices have reached record highs, exceeding $6 per gallon in 49 US states and topping $6.50 per gallon nationally. Trucking companies and businesses in Vermont are absorbing these costs due to long-term contracts. The surge is driven by a global refinery crunch and fuel shortages linked to wars in Ukraine and Iran. These price levels are impacting farmers as harvest season begins and may lead to higher holiday shopping costs for consumers. Some operators, such as a Rochester snow plow company, have already budgeted $35,000 for fuel.
Why it matters
Diesel is a primary energy source for the US transport and farming sectors. Prolonged high costs can trigger broader economic instability by increasing the price of transported goods. Global supply chains remain volatile due to ongoing geopolitical conflicts.
What is confirmed
- US diesel prices have topped $6.50 a gallon.
- Diesel costs exceed $6 per gallon in 49 US states.
- Global diesel prices have hit record highs.
- Wars in Ukraine and Iran are contributing to a global diesel shortage.
Still unconfirmed
- The global diesel shortage may last into 2027.
- Record diesel prices could lead to higher holiday shopping costs for local consumers.
What to watch next
- Data on whether trucking companies renegotiate long-term contracts to include fuel surcharges
- Official reports on global refinery capacity recovery
- Consumer price index updates for holiday retail goods
confidence 90%Sources used for this update (22)
- U.S. Energy Information Administration (EIA) (.gov) — What goes into diesel prices?
- Bloomberg.com — US Diesel Tops $6.50 a Gallon as Wars Worsen Global Fuels Crunch
- NPR — How a national farm leader is dealing with record diesel prices
- reuters.com — Global diesel prices hit record highs, further rises possible
- Crude Oil Prices Today | OilPrice.com — Global Refinery Crunch Pushes Diesel Prices to New Records
- ABC News - Breaking News, Latest News and Videos — Trucking company says long-term contracts are forcing it to absorb increasing cost of diesel
- KETV — Farmers face record diesel prices as harvest season begins
- WKRC — Record diesel prices could lead to higher holiday shopping costs for local consumers
- FOX 8 News — Diesel is over $6 in 49 states: Ohio among most expensive
- NewsNation — Diesel is over $6 in 49 states: Where prices are highest and lowest
- Reuters — Breakingviews - COMMENTARY: Diesel could be the tipping point for US economy
- RochesterFirst — ‘We’ve already budgeted $35K for fuel’: Record diesel prices squeeze Rochester snow plow company
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