MoneyDon't Waste Your Money


Sky high diesel prices could soon impact all consumers

Diesel as much as $2 more per gallon than gasoline
Gas prices
Posted at 4:00 AM, Sep 07, 2022

If you think gas prices are high these days, you may want to check out the price of diesel fuel next time you pull up to the pumps.

Soaring diesel prices are making gasoline look cheap by comparison, and it could soon impact you, even if you have never purchased a drop of diesel fuel in your life.

Scott Dallis is a home builder who won national attention building a home for ABC's Extreme Makeover Home Editionshow a decade ago.

But nowadays, he cringes every time he pulls up to the pump.

His GMC pickup requires diesel fuel, which in some cases is now almost $2 higher than the price of gasoline.

"At the pumps I am paying probably two bucks more than what regular gas is, and typically it was just a .45 or .50 cent difference," he said.

Dallis needs his truck to carry equipment and shuttle between home construction sites he supervises.

But he says he is now paying around "$180 to fill it up."

Dallis says he remembers when diesel fuel was cheaper than gasoline, and people would buy diesel cars to save money on gas.

Then the price was the same, or .25 cents more, but he says he's never seen a price spread like he sees today.

Dallis says high diesel prices are going to cost you, too if you need to hire a contractor for any sort of home project.

"I'm getting dinged with fuel surcharges from people bringing us gravel, lumber, drywall, cabinetry, and doors," he said.

He warned that any of us could be hit with similar surcharges.

Why such a huge difference from gasoline?

So why is there such a price spread between diesel and gasoline? analyst Patrick De Haan explained that refinery shutdowns and Russia's war in Ukraine impact diesel more than gasoline.

Demand is much higher for diesel than gasoline, especially with the end of the summer vacation season.

"Demand has been very high, and inventories are very low," he said,

To make matters worse, De Haan says, "the disconnect between gasoline and diesel could widen and worsen over the months ahead as we approach the peak of diesel season, which is winter."

So even if you're not filling up with diesel fuel, De Haan says these prices will affect you.

"Products sold in a hardware store, electronics, clothes, groceries -- all of that's carried to those locations with semi trucks generally speaking," he said.

One bit of good news: If you live near any of the 600 Sheetz gas stations, mostly in the east, the Pennsylvania-based chain is lowering diesel pries by 50 cents until September 30th, to honor Truck Driver Appreciation Week,

Scott Dallis does not have one near him, however, and as he headed off to his next work site he said there is not much he can do about the price of diesel right now.

"It's pricey," he said. "But it gets me to my next job!"

He and thousands of others who drive diesel trucks hope prices come down soon, so you don't waste your money.


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