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Soaring diesel prices boost oil companies while straining consumers
Diesel costs have risen as war in Iran and attacks on Russian refineries have disrupted supply, leaving consumers to absorb higher fuel bills.
The New York Times reports that soaring diesel prices are benefiting oil companies while also putting pressure on consumers.
According to the outlet, the diesel fuel that powers farm machinery, trucks, and other heavy equipment has become more expensive because geopolitical disruptions have tightened supply.
The article points to the war in Iran and Ukrainian attacks on Russian refineries as key drivers behind the jump in diesel prices.
The higher fuel costs affect households and businesses that rely on diesel for transportation and operations.