PUMP PATROL: Price of diesel hits record high over the weekend in New Jersey. Here’s where it sits today.
The price of diesel hit a record high in New Jersey over the weekend at $5.89 -- up almost 70 cents in the last week, with AAA currently showing the average price at $5.94.
Diesel is more important than gasoline for supply chains, since it powers the trucks and freight trains that deliver goods.
As the price of diesel rises, life gets harder for trucking companies and railroads, transportation costs increase, and those costs can get passed on to consumers as higher prices for a variety of goods.
According to the Energy Information Administration, the average retail price for diesel this week in the U.S. is $5.16 per gallon, up six cents from last week, and up nine cents from two weeks ago.
California is leading the nation in gas prices, and diesel is no exception -- $6.43 cents for a gallon of diesel.