While Trump Has His Eye on Gasoline, Diesel Price Is Sneaking Up
- Retail diesel pump prices are highest in more than three years
- International maritime law to push fuel costs higher by 2020
Photographer: Luke MacGregor/Bloomberg
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As national average gasoline pump prices climb to near $3 a gallon for the first time since late 2014, the U.S. president made it known that he won’t stand for OPEC’s cartel tricks. Bad news, Mr. President: Diesel prices are already there.
A combination of a never-ending winter in the U.S. and an impending demand increase for ultra-low sulfur diesel from a worldwide sulfur-reducing law has pushed retail diesel prices to the highest level since January 2015. Most economists warn that the fuel that powers trucks and ships that deliver goods to retailers around the globe is only going higher as the International Maritime Organization’s law goes live in January 2020.