Diesel Prices Surge As Harvest Approaches

An AgWeb article

Diesel prices are surging at the worst possible time for farmers preparing for fall harvest. The national average retail price for diesel hit $5.61 per gallon on August 28, up nearly $2.00 from last year and closing in on the all-time high of $5.82 set in June 2022.

The spike comes as diesel inventories have dropped to their lowest levels since 1982, creating a perfect storm of supply constraints and geopolitical tensions.

EIA data shows distillate fuel oil stocks, which include diesel and heating oil, at only 103.4 million barrels for the week ending August 21. That’s a record low for this time of year.

The situation has worsened in recent weeks as Ukraine has severely damaged Russian oil refineries, disrupting global diesel supplies.

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