economy
Diesel Tops $5 a Gallon for the First Time Since 2022. Here's What It Means for the Economy.
Updated on: March 17, 2026 / 11:27 AM EDT / CBS News
TL;DR
- U.S. diesel prices exceeded $5 a gallon, the highest since December 2022.
- The war in the Middle East is constraining global oil supply and driving up Brent crude prices.
- Disruptions in the Strait of Hormuz, through which 20% of global oil flows, are a major factor.
- Higher diesel prices are expected to cause price inflation across the U.S. economy, affecting consumers and industries.
- Diesel prices have climbed faster than gasoline, partly due to a prior shortage and increased heating oil consumption.
- Industries heavily reliant on diesel, such as trucking, farming, and construction, face significant challenges.