National Average Price for Regular Unleaded Current: $2.886; Month Ago: $2.604; Year Ago: $2.196. National Average Price for Diesel Current: $3.107; Month Ago: $2.822; Year Ago: $2.710

When the price of diesel goes up, the cost of everything else follows. Peak travel season is upon us and gasoline prices continue to soar. Americans are rightfully concerned as the cost of filling up their tank keeps going up at the pump. And while most may not pay as much thought to the price of diesel, the reality is that number weighs even heavier on their pocketbooks. Virtually every good you can think of travels by truck before it’s in your reach. And today’s trucks, by and large, run on diesel. The price of diesel is baked into the price of everything else, gasoline included. Right now, motor carriers are getting slammed by nightmarish surges in the price of diesel. It’s especially hard on smaller fleets, which don’t operate at a scale to negotiate rates down or lock prices into a contract. These small businesses account for 97% of trucking companies in the U.S., running 20 trucks or fewer.

US crude oil prices have slipped back after strong gains as the White House prepared to announce a decision on whether it will withdraw from the Iran nuclear deal. Iran’s oil production has bounced back to nearly 4m barrels a day since world powers eased sanctions over its nuclear programme. Reimposing sanctions could reduce Iranian oil exports by 200,000-300,000 barrels a day, according to RBC Capital Markets. Click Read More below for additional information.