Diesel fuel is the lifeblood of the world economy. It powers the construction machines and equipment of developing countries, installing infrastructure, roads, buildings and even generating power. It powers the majority of heavy-duty trucks and freight rail and even marine vessels.
The global crude oil demand remains high with distillate product demand at record highs, according to the Energy Information Association (EIA). This will pressure diesel fuel prices to stay higher for the short term. The recent run-up in diesel fuel prices in the U.S. (now $1.36 more than a year ago) is explained in part by lower than usual inventories of distillate products.
According to EIA, this inventory deficit was in part due to the U.S. exporting distillate fuel to Latin American and Europe in January and February to quench a higher demand in those regions of the world. Now, with gasoline inventories at record highs, diesel fuel inventories are at the bottom of a five year average.
Read more from EIA.
What do higher fuel prices mean for current and prospective diesel car owners?
The government's landmark increase in fuel economy standards for future cars and light trucks over the next seven years means that more consumers will be driving diesel cars in the not too distant future. With real-world 20-40 percent efficiency improvement over regular gasoline, new clean diesel is a technology manufacturers are ready to deploy to help meet these new standards.
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