The fuel that keeps the trucking industry moving hit a new record Saturday, and higher diesel prices could begin to raise prices across a wide range of consumer goods.
From groceries to furniture and clothing to electronics, the trucking industry hauls billions of tons of consumer goods in the US each year.
The cost of fueling those trucks hit a record national average high Friday of $6.05 a gallon, and then jumped to $6.16 on Saturday- a far cry from the $3.70 a gallon one year ago.
It’s higher in Washington State, where the state gas tax and Climate Commitment Act combine to add about a dollar more. The average price for a gallon of diesel in Washington was $7.16.
It’s a price Brady Ore is willing to pay because he has to. “Well, I don’t like it, but I’m an owner-operator, so that’s the only way I can keep moving,” the long-haul trucker said at a truck stop in Kent, Saturday.
Keeping his big rig – with its 53-foot trailer – moving isn’t cheap. “The last time I did fill it up it was probably about $900 dollars,” he said. “I haven’t filled it up lately, so – because of the prices– it’s probably a lot more than that.”
Every time the price goes up, he says he has to raise HIS prices. “You know I hate it that I have to charge more, but I’m forced to do that.”
And he says that cost will likely be passed on to you.
Economists tell CBS News businesses have largely held off passing along higher diesel prices, but as they use up inventory – and buy and transport new product - you could see steeper costs for everything from cars to furniture to groceries.
Analysts say the high price of diesel is mainly due to the US-Israel war on Iran and the Russia-Ukraine war, which are affecting production and supply at a time when reserves are already tight.
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