DALLAS - Diesel fuel prices have shot up to an all-time record high of between $6.23 and $6.27 per gallon. And more than just truck drivers are saying, "ouch."
Consumers, business owners, and economists are all sounding the alarm because every part of the American economy at some point rides on 18-wheelers.
Rising Fuel Prices
What we know:
Diesel prices were $6.25 per gallon on Tuesday at a truck stop along Interstate 20.
That’s an increase of about $.25 since FOX 4 first reported on the high diesel prices last week.
Rising diesel prices put strain on truck drivers, supply chain
It's costing truckers nearly $1,000 to fill up their tanks right now. They say they're pouring more money into fuel with the higher prices for diesel eating up their profits.
What they're saying:
Some drivers at the location said they couldn’t afford to fill up and hoped to make it to their next stop.
For people like BJ Johnson, the owner of J Imperium Ready Mix, it’s pouring profit away every day. Johnson has his own tank at his truck yard and buys in bulk, so it’s a little cheaper for him.
But the fuel price is impacting all his pricing.
"It's making it tough for pricing right. I mean, we got to go pick up material when it comes to sand and rock to make the concrete and then to deliver the concrete we put the diesel in the mixer trucks. So, I mean, we went from anywhere from December paying a little over $3 a gallon to just last week paying $5.70 a gallon," Johnson said.
Record diesel prices top $6 a gallon — what it means for your wallet
U.S. diesel prices reached a record average of nearly $6.06 per gallon Friday as escalating fighting between the U.S. and Iran disrupted global oil supplies.
Experts Weigh In
What they're saying:
SMU economist Mike Davis said high diesel prices should be a concern for everyone.
Higher prices can show up in inflation through business costs, then potentially what consumers pay at the check-out counter.
It won’t be long before the price of gasoline and products on store shelves start to spike.
"The only real solution is to get crude oil prices back down. And if you can tell me when the war is going to end or when the flow of crude oil from the Middle East is going to start back, I can tell you when prices are going to come down," Davis said.
He also believes interest rates could go up this week because of inflation traced back to diesel fuel costs.
The Source: FOX 4's Shaun Rabb gathered information for this story by talking to truck drivers, business owners, and SMU economist Mike Davis.