Why diesel prices are an economic time bomb

The price of diesel fuel is displayed outside of a Shell gas station in Carson, California, on September 22, 2026. | Patrick T. Fallon/AFP via Getty Images Everyone knows how much gasoline prices matter. The recent spike in gas prices triggered by the war with Iran has fueled deep pessimism about the economy and weighed heavily on President Donald Trump’s approval ratings. But diesel fuel — the lifeblood of shipping, agriculture, and heavy industry — usually flies under the radar. Its price has surged too, and while truckers and farmers are feeling the initial blow, the rest of the country won’t be far behind. “Most products in America are shipped along the road via trucks,” Nathan Bomey, a business reporter at Axios, told Today, Explained co-host Noel King. Diesel prices “directly affect their cost of doing business, which then eventually trickles down and affects the consumer.” On the podcast, Bomey discusses what’s driving the price spike, how quickly it’s going to become a problem for everyday consumers, and whether electric semi trucks could offer a way out. Below is an excerpt of the conversation, edited for length and clarity. There’s much more in the full podcast, so listen to Today, Explained wherever you get your...