When industry pays more for diesel, it passes along the higher cost to customers and the financial pain ripples through the economy, driving inflation and squeezing everyday consumers. The only way out may be a painful one.

Farmers from Iowa to Ukraine are grappling with surging diesel prices and an unsteady supply, forcing them to spend unprecedented sums on fuel in a chaotic market and raising concerns about the autumn harvest.

With record-high diesel and gasoline prices across the country, oil industry analysts told Transport Topics the runaway energy market isn’t being caused exclusively by higher crude prices or the U.S. economy driving demand for petroleum products.

The national average price of diesel skyrocketed 34.9 cents to set an all-time record of $5.509 a gallon, according to Energy Information Administration data released May 2.

Russia’s invasion of Ukraine has set off a global scramble for diesel, prompting buyers around the world to snap up massive volumes of fuel from the U.S. Gulf Coast despite high prices.

American Trucking Associations, in a letter sent to the White House, is urging the Biden administration to expand domestic oil and natural gas production.

President Joe Biden announced March 8 the U.S. is banning the importation of Russian oil as a direct response to Russian President Vladimir Putin’s decision to invade neighboring Ukraine, resulting in significant civilian casualties.

A slump in global diesel stockpiles has left the market vulnerable to price spikes.

Diesel markets are jumping everywhere, a positive indicator for oil prices more widely.