Record diesel prices, tight supplies could be next blow to the US economy

Diesel 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."The second way is possible disruptions in the supply chain. None of it is good.

The average price of diesel has soared to between $7.27 and $8.95 a gallon across Western European countries, and it isn't much cheaper in most of Eastern Europe.Those high prices have prompted a huge surge in exports of diesel to Europe from US and Canadian refineries that would normally be supplying US truck stops and trucking companies.

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