Diesel Price Surge Crushes American Farmers, Truckers
Economist Steve Hanke has spoken out about the devastating impact of record diesel prices on American farmers and truckers during the harvest season. According to Hanke, farm fuel costs are up $11 per acre for corn and $7 per acre for soybeans from last year, with diesel prices being a major reason why farmers and truckers are turning against President Donald Trump.
The Energy Information Administration reported that US on-highway diesel reached $6.285 per gallon on September 14, up sharply from the previous year. This surge in diesel prices has led to increased fuel costs for farmers, with South Dakota farmer Drew Peterson expecting to spend as much as $1,500 a day fueling one combine, about twice last year's cost.
Economists warn that the pressure on farmers and truckers could persist, with Kansas State University economist Gregg Ibendahl stating that diesel prices could remain elevated for at least another year. American Farm Bureau economist Faith Parum noted that farm diesel reached $5.45 a gallon on September 4, up from $3.02 a year earlier.