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How record diesel prices are hitting U.S. farmers : NPR
NPR • • business
Key Points:
- John Boyd Jr., a fourth-generation farmer in southwest Virginia, is facing nearly double diesel prices compared to last year, paying about $7 per gallon, which significantly increases his operational costs during corn harvest season.
- The national average diesel price has surged to over $6.51 per gallon, breaking previous records, largely due to disruptions in oil shipments following U.S. and Israeli attacks on Iran.
- Boyd, who also leads the National Black Farmers Association, is struggling financially, reallocating funds from other farm expenses to cover fuel costs, while corn prices remain low at around $5 per bushel.
- The rising fuel prices exacerbate existing financial pressures on farmers, with over 400 Black farmers at risk of losing their farms and expressing frustration over a lack of governmental support.
- The global fuel supply crunch is attributed to geopolitical tensions in the Middle East, particularly affecting diesel availability and prices in major markets including the U.S., Europe, and Asia.
