October 25, 2022 |
The U.S. has a 25-day supply of diesel fuel, according to a report last week from the Energy Information Administration. That’s the lowest since 2008. Meanwhile, demand is at its highest level since 2007.
Higher trucking, farming and heating use are pushing the demand, according to the report.
The diesel crunch comes ahead of the midterm elections and has the potential to drive up prices even higher for consumers who already view inflation and the economy as a top voting issue.
The retail price for diesel has climbed steadily for more than two weeks. AAA put the national average at $5.32 a gallon, up $0.42 higher than a month ago and 50 percent higher than this time last year.
