US Diesel Prices Hit Record Highs, Devastating US Farmers

John Boyd Jr., a fourth-generation farmer in southwest Virginia and president of the National Black Farmers Association, is struggling to cope with record diesel prices. At $7 per gallon, it's nearly double what he was paying last year.

The national average for diesel has climbed to over $6.51 per gallon, according to AAA, breaking a previous record of about $5.85 per gallon set in September. The surge in fuel costs is adding to other financial pressures already facing farmers, with more than 400 Black farmers at risk of losing their farms and needing financial assistance.

Boyd says he's 'robbing Peter to pay Paul' by shifting money from other farm expenses to cover the soaring cost of diesel. Corn is selling for about $5 per bushel, but Boyd still has to cover the cost of the diesel needed to harvest it.