SAEDNEWS: Diesel prices in the United States have reached a record high following the fallout from the war with Iran. As diesel-powered trucks play a major role in transporting goods, prices for products such as clothing, cosmetics, and furniture are also expected to rise.
According to Saednews, Average diesel prices in the United States have reached a record high as the conflict with Iran and the closure of the Strait of Hormuz disrupt global oil supplies.
Diesel prices surged to $5.85 per gallon on Friday, marking their highest level since the US-Israeli military campaign against Iran began on February 28.
The sharp increase is raising transportation and production costs across trucking, agriculture and other industries. These higher costs are expected to push food prices upward and increase the overall cost of living.
Some businesses have already begun passing the additional expenses on to consumers through extra charges on online orders and mailed packages.
Prices for other goods, including clothing, cosmetics and furniture, could also rise because they are commonly transported by diesel-powered trucks, trains and ships.
Experts warn that inflationary pressure could become even greater if diesel prices remain elevated for an extended period.
The situation presents another political challenge for Republicans ahead of the November midterm elections. President Donald Trump’s approval ratings have declined amid growing concerns about his handling of the economy and the consequences of the war with Iran.
A recent AP-NORC poll found that two out of three US adults disapprove of Trump’s handling of the economy.
Gasoline prices have also increased, although at a slower pace than diesel. According to AAA, the average price of regular gasoline is now $4.15 per gallon, up from $3.20 at the same time last year. AAA noted that gasoline has never previously exceeded $4 per gallon on Labor Day.
