The US supply of diesel is down 43% compared with 2020, causing hauliers to fear they may not be able to absorb the increased cost.
Earlier in May diesel reached a price of $5.56 per gallon, a 76.5% increase YoY.
The shortage is being driven by a shortage of refining capacity. As the US has increasingly prioritised clean energy, refiners have begun to shut down facilities and there is little appetite to open new ones.
US supply levels have also not been helped a their diesel exports have increased to address the needs of countries looking to wean themselves off Russian supplies.
The crisis continues to grow as production falls and prices rise. One industry insider went as far as to say “I wouldn’t be surprised to see diesel being rationed on the east coast this summer."