Surging diesel prices squeeze farmers
Diesel costs have jumped since the war with Iran started, and that is bad for farmers, truckers, and anyone who buys food.
- Farmers spent far more on diesel this planting season than last, and fertilizer is both pricier and harder to get.
- Trump floated banning diesel exports, then his team signaled it is not happening — oil companies hate the idea.
- A ban would likely backfire: refiners would process less oil, so diesel might ease while gas prices rise.
- New England homeowners are being told they can no longer lock in a winter heating oil price, a first.
- A third of the world's fertilizer moves through the Strait of Hormuz, so food costs are climbing worldwide and hunger and unrest are expected to follow.
Outlook: With the war expected to drag past the midterms, diesel, food, and heating costs look set to keep rising into winter.