Home Business New England is coping with high diesel prices

New England is coping with high diesel prices

77
0


[Stay on top of transportation news: Get TTNews in your inbox.]

When will the price of fuel finally start to change?

The pain from the pump is still aching as diesel prices in Massachusetts on May 4 rose to a record high. The average price of $ 6.10 per gallon in Bay is nearly $ 1 more per gallon than a week ago.

With trucks using diesel fuel, experts worry that further increases in fuel prices will affect prices at your local grocery store, in addition to inflation, which has already led to rising prices.

“It’s just a very bad situation right now,” Mark Shieldrop of AAA Northeast told the Herald on May 4. – Prices for diesel fuel are constantly rising and rising.

“We have crazy times now,” he added. “To see diesel prices at $ 6.10, you need to wipe your eyes and look again. It is impossible to imagine now. “

Prices for gas and fuel oil have risen sharply since Russia’s invasion of Ukraine, and prices have risen since the United States banned imports of Russian oil and gas.

Diesel prices in Massachusetts are now more than twice as high as $ 3 than a year ago. Prices in the northeast are much higher than in other parts of the country, in part because New England does not have access to the same pipelines as elsewhere.

Data from the Energy Information Administration show diesel prices for the seven-day period ending May 2. The average price of diesel has risen by 86.1 cents in New England. (Energy Information Management)

The national average for diesel is now $ 5.42 per gallon compared to $ 6.10 in Massachusetts.

“Any major installation, any diesel car pays twice as much as last year,” Shieldrop said. “In the economy, everything is based on diesel, so we can see that the things we buy in the grocery store are coming down. It won’t help. “

As Russia is the world’s main supplier of diesel fuel, the world market is trying to replace this void. As demand for diesel remains high, there is a shortage of supply worldwide.

“The diesel market is now almost broken,” Shieldrop said. “For the diesel market, it’s pretty bleak.”

But market experts believe that supplies will begin to improve slightly, and over time the situation should improve.

Fuel oil is tied to diesel fuel, so heating homes with oil in recent months has cost much more. Fuel oil prices for homes are now well above $ 6 a gallon nationwide.

“We don’t have a fuel season for heating, so we hope that by the fall, when we move on to the colder months, some of these supply issues will be somewhat resolved,” Shieldrop said. “If diesel gets cheaper in the summer, it will be a good sign for home fuel oil prices.”

Meanwhile, normal gas prices rose again last week. The average cent per normal gallon of gas in Massachusetts is now $ 4.24, up 12 cents from last week. The average price in Suffolk County is now $ 4.36, while regular gas prices in Nantucket are $ 5.36.

“Oil remains stubbornly high, above $ 100 a barrel,” Shieldrop said. “And we are in such an expected increase when heading towards the summer driving season.

“Usually the peak falls in mid-May,” he added. “So we can hear some relief as soon as we get through May.”

Previous articleApproval of CenterPoint’s energy boost for 335 MW of solar power for Indiana
Next articleThe impressive house in Acton Park has become a hit with local buyers