While higher oil prices are translating into higher gas prices, truckers are being hit especially hard, and the costs are being passed onto consumers.
While higher oil prices are translating into higher gas prices, truckers are being hit especially hard, and the costs are being passed onto consumers. Charlie Wojciechowski has the story. While higher oil prices are translating into higher gas prices, truckers are being hit especially hard, and the costs are being passed onto consumers.
Faustino Pazos was just topping off his tank Thursday morning on Chicago’s Southwest side. The cost ttotaled up to $169 for 32 gallons of diesel fuel.The average price in Chicago, according to the AAA, is $5.37 a gallon, up more than a dollar from just a month ago. Pazos said he regularly spends $200-300 to fill up his truck.Since the beginning of the war in Iran, residents are beginning to see impacts across the US economy according to former Biden administration economic policy advisor Michael Negron. “The closure of the Strait of Hormuz is leading to spiking shipping, fertilizer, and aluminum costs, which will combine with higher energy prices to raise prices across the economy, from the costs of groceries to airline tickets to utility bills and more.,” he said. “Energy runs through everything in our economy,” added Dan Varroney, an economic strategist and author of “Rethinking Economic Growth. When the price of it goes up, we pay for it. When energy goes down, we don’t pay as much for it."The cost of diesel is factored in the price of many goods. One example: the produce that Faustino Pazos delivers. It started on the farm, then was transported to a facility for packaging or processing. Then it was sent to another warehouse for distribution before being delivered to your local store.Varroney said an end to the war will likely bring down energy prices, and in turn, the cost of food and other goods, but not immediately. He said we could see some price relief 6-to-12 weeks after the end of hostilities and the re-opening of the strait. However, he is cautioning that consumers may not see any real price reductions until the end of the year.Animals and Wildlife
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hungary to phase out gas deliveries to Ukraine amid pipeline disputeUkraine says Russian strikes halted Druzhba pipeline flows, but Hungary and Slovakia allege deliberate blockage and have suspended diesel supplies in retaliation.
Read more »
California diesel prices top $7 a gallon to hit record highA gallon of diesel cost an average of $7.018 a gallon, according to the latest data from the American Automobile Association. That topped the previous record of $7.012 in June 2022, in the first months of Russia’s war in Ukraine.
Read more »
6 Years Ago, This Superhero Movie Was Supposed To Start a New MCU Rival (but Was a Huge Box Office Bomb)This 2020 Vin Diesel actioner was supposed to kick off not just a franchise, but a whole cinematic universe. Didn't pan out.
Read more »
Washington sets all-time diesel price record in 2026 as Iran war and Climate Commitment Act push pricesAward-winning broadcast journalist with 30+ years of experience covering stories that impact Washington — from major investigations to regional news.
Read more »
How Texas plans to save spring crops as Iran War inflates fertilizer, diesel pricesAs the war in Iran continues, Texas farmers are weighing their options as the window to fertilize crops for the spring planting season begins to close. The state's agriculture commissioner believes timing, alternatives and Lone Star resilience might prevent disaster for the industry.
Read more »
How diesel prices over $5 are impacting logistics industry & could eventually impact grocery pricesAs diesel fuel prices surge past $5 a gallon nationwide, Hoosiers are bracing for higher prices at the grocery store.
Read more »