Diesel Fuel Hits New High Amidst Rising Energy Costs
Diesel fuel prices have reached a new high, averaging nationally around $6.48 per gallon, a significant increase from last year's price of about $3 per gallon for Siouxland drivers.
The rising cost of diesel is affecting truckers and farmers, with the Iowa Motor Truck Association's President and CEO, Brenda Neville, stating that fuel expenses are 'one of the top three expenses' for trucking companies. Farmers are also seeing an increase in fuel costs, coupled with a 15% jump in fertilizer prices.
The surge in diesel prices is not isolated to this year, as gas prices are rising too. In Iowa, gas is currently sitting at $4.39 per gallon, up from last week's price of $4.14, a 25-cent climb. Similar increases have been seen in other states, with South Dakota's gas price reaching $4.29 per gallon.
The National Energy Assistance Directors Association (NEADA) has released information stating that heating oil costs could increase by 31% this winter, with other home heating sources also expected to see significant rises. Natural gas prices are projected to rise 5.8%, electricity is expected to take a hike of 9%, and propane prices may go up about 8.7%.