Although prices at the pump serve as one of the most prominent symbols of rampant inflation, economists are more worried about the spillover effects of price spikes for another major source of fuel: diesel.
Diesel plays an outsized role in consumer prices because it and its chemical cousins, jet fuel and maritime fuel oil, move nearly everything that is grown, processed or manufactured around the globe."Diesel is what powers trucking. It is what powers our global economy," said Joseph Sykora, equity analyst at Aptus Capital Advisors."It can't be ignored in terms of how it's a feed-through into what things cost.
While electric vehicles have gained ground as an alternative to gas-powered passenger cars and trucks, Sykora said, fleets of trucks, planes and freighters are still powered by hydrocarbons."The technology doesn't exist at scale for EV transitions in higher-capacity transportation," he said.Diesel's domino effectThe high cost of diesel is rippling through corporate supply chains.
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