The average retail price of No. 2 highway diesel spiked to a record $5.62 a gallon at the pump on Monday, the EIA reported late Monday. Year-over-year, the price of diesel has spiked by 76%!
This gap between the record gasoline and diesel prices and the far-below-record crude oil prices shows that the inflationary mindset is firmly in charge, that consumers pay whatever prices, no matter how much they gripe about it. And truckers pay the prices because there is still huge demand for transportation services in this still overstimulated economy, and they can pass on those prices, including via fuel surcharges, and their customers pay those prices and surcharges, and there hasn’t been the kind of demand destruction that would cause the price of diesel to come down – regardless of what the price of crude oil does.Gasoline & Diesel Prices Spike to New WTF Records, But Don’t Blame Crude Oil | Wolf Street