Global diesel crisis boosts prices
Diesel prices worldwide have surged to record levels due to the impacts of the wars in Ukraine and Iran, leading to reduced supplies and fueling concerns over a new wave of inflation. The average price of diesel in the United States has reached $5.85 per gallon, nearly a 60% increase compared to last year, with prices in California reaching $7.70 per gallon. The rising costs of diesel, which is widely used in transportation, agriculture, and industry, are a major factor behind the increase in the prices of goods and services. Russian refineries have also been affected by escalating attacks and export restrictions, reducing global market supplies by about 8%. The diesel crisis is seen as a "hidden tax" on the economy, as it impacts overall costs and unsettles central banks worried about persistent inflation.
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