A seriously low U.S. and global diesel supply will likely drive up fuel costs and worsen inflation, raising concerns as the cold weather months approach.
Diesel prices have increased 33% for November deliveries and are expected to go higher. “The national average price for diesel today is $5.30 per gallon and is expected to go up 15 to 20 cents in the next few weeks,” said Andy Lipow, president of Lipow Oil Associates, LLC. Diesel supply in the Northeast.
The drought-stricken Mississippi River and a potential rail strike are contributing to higher fuel demand with calls for federal government intervention to increase supply. Diesel reserves have not been this low since 1951.
Read more at: https://www.transformedbythetruth.com/the-mississippi-river-in-america-has-dropped-to-record-lows/
The country has about 25 days’ worth of diesel left, a level that’s considered very low. De Haan said that normally, the country’s supply is closer to the “low to mid-30s” in terms of the number of days remaining.
Gasoline and diesel are products made from oil, and oil prices soared after Russia invaded Ukraine.
“This is not only constricting the ability of farmers to export the soybeans and grain they grow but also to receive the fuel and fertilizer they need to operate,” said Mike Steenhoek, executive director of the Soy Transportation Coalition of the low water that has turned the Mississippi River from a multi-lane interstate to a two-lane highway.
“The rising costs of diesel fuel, therefore, impact everybody, as diesel prices affect direct manufacturing, transportation, and heating costs. As diesel prices rise, so do the costs of goods which are generally passed onto consumers,” said Suzanne Danforth, an analyst with Wood Mackenzie.
“Higher diesel prices have the potential to create even stronger inflationary pressures, especially if the current price spike is sustained, adding significant downside risk to demand and increasing the chances of a global recession,” she said.
Matthew 6:19 Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal:
Matthew 6:20 But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal:
Matthew 6:21 For where your treasure is, there will your heart be also.
Matthew 6:24 No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other. Ye cannot serve God and money.
Hebrews 13:5 Let your conversation be without covetousness; and be content with such things as ye have: for he hath said, I will never leave thee, nor forsake thee.
Read more at: https://www.transformedbythetruth.com/six-of-the-nine-tipping-points-are-triggering/
Read more at: https://www.transformedbythetruth.com/a-global-economy-in-growing-danger-of-a-depression/
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