Diesel Prices Crush Farmers, Truckers as Harvest Season Heats Up

Economist Steve Hanke is sounding the alarm about record diesel prices that are 'CRUSHING American farmers and truckers' during harvest season. Diesel costs have skyrocketed, with U.S. on-highway diesel reaching $6.285 per gallon on September 14, up sharply from a year earlier.

Farm fuel costs are up significantly, with corn increasing by $11 per acre and soybeans by $7 per acre compared to last year. This is particularly painful for farmers, who expect to spend as much as $1,500 a day on fueling one combine, about twice the cost of last year.

Truckers are also struggling due to independent operators typically paying fuel bills upfront. Further increases could trigger 'diesel price-driven bankruptcies.'