The national average price for diesel fuel on Wednesday reached an all-time record high, impacting 3.5 million American truckers throughout the nation.
Rising 84 cents in one week, Wednesday’s national average hit $4.883, up 13 cents overnight, according to AAA.
Diesel transports about 70 percent of the nation’s freight tonnage, as just about all highway trucks are fueled by diesel engines, according to Diesel Technology Forum. About 3.5 million truck drivers and 711,000 trucking companies rely on diesel.
The record-high diesel prices will likely increase the cost of everyday products, such as clothing, produce, paper products, building materials, and vehicles.
The impact on everyday items will also increase the record-high inflation. New inflationary numbers will be reported Thursday.
White House press secretary Jen Psaki told reporters on Wednesday she is not expecting Thursday’s inflation number to be positive for American workers. Inflation is already at a 40-year-high.
“I want to know what specifically the administration has done, they’ve been working on that has worked to bring down inflation,” a reporter asked.
“We don’t have the data…we expect to see a high headline in inflation in tomorrow’s February inflation data,” she responded.
— Bloomberg Quicktake (@Quicktake) March 9, 2022