Diesel hit a new record price in the U.S. on Friday, soaring to an average of $5.85 a gallon for the first time ever as the six-month war with Iran disrupts the world’s flow of fuel.
Because diesel is used for many freight and delivery networks, higher diesel prices mean higher transportation costs for a long list of everyday goods. More expensive fuel is increasing bills for businesses across sectors — some of which have already passed off costs to consumers in the form of added fees on online orders and packages in the mail. And shoppers may see more and more sticker shock trickle into store shelves.
The increases could have political implications, with economic issues likely to be top of mind for many voters in November’s midterm elections.
One of the most immediate strains falls in the grocery aisle, particularly with produce, meat and other perishable foods that need to be hauled in and restocked frequently — or even harvested using diesel-powered farm equipment. It can take time for all of those costs to trickle down.