Business
Diesel Prices Outgain Gasoline, Risking Higher Transportation Costs for Goods
American consumers are focused on prices at the pump following U.S. and Israeli strikes against Iran, and it’s looking like truckers might be in for the biggest shock.
Diesel futures rose 12% in New York, ending Monday at $2.9004 a gallon in the biggest daily gain since early 2022 when Russia invaded Ukraine. Gasoline futures, meanwhile, added 3.7% to settle at $2.3706 a gallon, the highest price since August 2024.
Relatively low fuel prices have been a bright spot in the Trump administration’s efforts to rein in the cost of living ahead of November’s midterm elections. While more expensive gasoline will surely frustrate U.S. drivers, higher diesel prices have the potential to raise shipping costs and those of goods broadly.