By Chris Isidore, CNN BusinessDiesel prices are soaring to record levels, and record low inventories of the fuel in parts of the United States are sparking fears of worse to come. Even if you’ve never bought a gallon of diesel in your life, as is the case for most US drivers, high diesel prices can hit your wallet— and the US economy — in multiple ways. “The first way high diesel prices impact the economy is it makes it expensive to ship,” said Tom Kloza, global head of energy analysis for the OPIS, which collects gas price data for AAA. Diesel prices that high could put the brakes on the US economy, he said. Higher diesel prices could force farmers to scale back plantings or fertilizing, limiting already tight food supplies and driving up food prices beyond the added cost of transportation.

Source: CNN May 13, 2022 09:19 UTC