As the fuel of transportation, the price rally will hit everyone, adding to inflationary pressures that are already running at a multi-decade high. Global oil demand hasn't yet reached its pre-pandemic level, but diesel consumption has hit a record high in 2021. And in the United States, average retail prices have surged above $5 per gallon for the first time ever. In the United Kingdom, it's selling above 1.70 pounds per liter, equal to more than $8.5 per gallon. Learn more here.
Blas, Javier | “An Oil Price Rally Is Bad. A Diesel Crisis Is Worse.” Moneycontrol