FlashFeed

The average price of diesel in the United States surpassed $5 per gallon this week, only the second time in history. The first occurrence was during Russia's 2022 invasion of Ukraine. Unlike gasoline, diesel powers nearly every industry — from farm tractors to construction machinery to long-haul trucking — making the price surge a major concern for businesses.

The average price for a gallon of diesel in the US blew past $5 this week for only the second time in history. (Russia’s 2022 invasion of Ukraine marked the fuel’s first foray into previously unfathomable territory.) Although most consumers are far more concerned with the price of gasoline, it’s the even sharper increase in diesel that has businesses on alert. That’s because it powers nearly every industry, from the tractors plowing the fields to the machinery erecting buildings to the semitrucks, trains and buses that transport goods and people coast-to-coast. Diesel is the trucking industry’s second-largest expense, after driver pay, accounting for about a fifth of operating costs, according to Bob Costello, chief economist at American Trucking Associations. Bloomberg News Oil Reporter Nathan Risser joins Bloomberg Businessweek Daily to discuss. He speaks with Carol Massar and Tim Stenovec. (Source: Bloomberg)