The first thing drivers probably check when they go to the gas station is the cost of gasoline — especially with prices surging. What they might not pay as much attention to is diesel. Perhaps they should. The price of that essential fuel has climbed even more quickly, and new data shows that it’s blowing nearly as big a hole in the American economy.
When bombing began in the Middle East, Iran quickly closed the Strait of Hormuz, through which about a fifth of the world’s oil passes. Prices immediately shot up — and, with the United States and Iran failing to negotiate a peace settlement over the weekend, the price of oil is once again rising.
As of April 13, the war has saddled consumers with a staggering $19 billion in added fuel costs, according to researchers at Brown University who recently launched an online tool that tracks the impact of rising oil prices. Although the national conversation has focused on gasoline, diesel accounted for $9.4 billion, or almost half, of that increase. At about $71 per U.S. household, that’s having a profound impact on everyo... Read more
