Diesel prices are climbing and everyone's about to pay for it

One year ago, the average cost of a gallon of diesel fuel in America was $3.70. Today, at the time of this recording, it’s $5.60. That’s 50% higher, and some forecasts have it touching a record $6 a gallon by the end of the year. Not good. America, and arguably the world, runs on diesel. So when prices go up by 50%... well, that pain can only be contained for so long. From multiple wars to oil refineries going offline there’s no easy fix. Everyone's about to feel the pain. The Drive's Editor-In-Chief Kyle Cheromcha and Director of Content and Product Joel Feder break the situation down with Senior Editor Caleb Jacobs. Stories mentioned in today's episode: Diesel Prices Are About to Break Records. Here’s Why They Keep Rising The Government Is Still Messing With Fuel Formulas to Try to Curb Gas Prices The Feds Say Cutting Fuel With Ethanol Will Bring Down Gas Prices. We’re Not Buying It The Feds Plan To Start Diluting Gasoline This May: Explained 00:00 Intro 0:55 - Current diesel pricing reality 5:18 - Why has diesel gotten so expensive? 6:37 - This is a global issue 8:54 - Goldman Sachs prediction 10:27 - Modern realities 11:38 - Napkin math 15:42- Who's talking about this? 17:35 - Not at record levels, yet 18:56 - The new normal? 19:17 - Ripple affects on schools 22:05 - The holidays are coming 22:36 - This affects everyone 23:49 - There's no diluting like with gas 25:08 - There's no backstop Learn more about your ad choices. Visit megaphone.fm/adchoices