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Diesel Costs Surge Amidst Oil Cuts

Posted August 4, 2023
in Top Ag News

Fuel prices have once again surged, impacting farmers’ pocketbooks ahead of the 2023 harvest season. Diesel prices have risen to $4 or more per gallon across the U.S., a 30-cent hike since the end of June. Cuts in oil production are driving the price climb, with Saudi Arabia pulling around one million barrels per day, according to Greg McBride, a brokerage director with Allendale.

McBride recommends farmers start locking in some fuel prices for fall in order to get through harvest with less volatility. Currently, fuel demand is at its peak point for the year. Uncertainty remains as to fuel prices for next spring.

Read more on diesel costs here.

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