Record Gas Prices Heighten Supply Chain Concerns
The national average for regular gasoline hit a fresh record high at $4.96 a gallon on Wednesday, according to AAA. This is up 28 cents in the latest week and nearly $1.90 a gallon higher than the year-ago average.
The national average has been steadily climbing in the latest month with 14 states now recording their average gas price at $5 a gallon or more.
Diesel prices are also forging new records and surged to $5.72 a gallon today based on the latest AAA data. This is 17 cents higher than this week last year and is heightening concerns for participants throughout the supply chain.
Diesel is an essential input for the production and transportation of a variety of goods. For instance, higher diesel costs are raising the trucking costs of livestock to the processing plants, intensifying inflationary pressures on consumer prices...
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