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 podcasts, including Apple Podcasts, Pandora, and Spotify.

What is happening with diesel?

There was one major geopolitical event this year that disrupted the entire energy economy, which is the US and Israel attacking Iran. Iran is at the center of the oil economy in some ways, but primarily you have to look at the closure of the Strait of Hormuz and the jockeying over it that has happened in the months since.

Once they closed the strait, it disrupted the entire global energy economy because it handles a substantial portion of the shipping bringing supplies out of the Middle East. That affected diesel prices, gasoline prices, jet fuel prices, and effectively everything based on crude oil.

Who are the people right now that are profoundly freaked out about the cost of diesel?

First off, truckers are freaked out because their cost of doing business is going much higher. Farmers are also freaked out because they’re already facing real pressures from trade wars and things that are out of control, like climate issues, that have caused their costs to go higher. 

The price of diesel affecting farmers eventually affects the price they charge, which ultimately gets to the consumer because it ends up costing more to pay for things like an ear of corn.

How stark do you think this might be? In a month or two, do you think I could go down to Walmart and see that something I buy all the time is now a dollar more expensive? 

I think the impact is imminent. This flows through very quickly. We’re not talking about months; we’re talking about weeks, if not days, before people will start to notice increases, especially in the grocery aisle. That’s the first place people will notice it because fresh food has to be shipped on a weekly basis. Diesel prices are going to have a big effect on food inflation. This is coming off of several years of food price increases that we experienced in the wake of the pandemic.

We’re also barreling toward the holiday shopping season, which is going to be affected by this as well. If a toy, for example, is made with a resin affected by the cost of crude oil, which also affects the cost of diesel, and then it’s shipped over the road to Walmart in a truck that uses diesel, all of these things add up and will probably lead to higher prices.

We’ve also got an issue with heating oil, which is a fuel used primarily by households in the Northeast to heat their homes. Heating oil, diesel, and all of these oil-based products are caught up in this vortex right now. Ultimately, it is not something the ordinary person can do much about.

Do the industries that rely on diesel have any other options?

There are definitely alternatives to diesel, but in many cases, they cannot be switched to quickly. If you think about the trucking industry, they are invested heavily in big rigs that take products from place A to place B. If you are invested in a truck, yes, you could theoretically switch, but you would be scrapping this huge investment you’ve made. Diesel trucks are not really going anywhere immediately. A lot of times, they’re simply still the best way to get somewhere.

You can switch to rail; railroads are definitely a competitor to trucking, but really only best for certain types of products. There are other types of trucks you can buy. Compressed natural gas or liquid natural gas is an alternative fuel for some trucks, and biodiesel can actually be good. Hydrogen is more of a futuristic thing down the road.

In the short term, there is the possibility of using electric trucks. That is starting to become more realistic. In fact, in recent days, Tesla began major production of the Tesla Semi, an electric semitruck we’ve been waiting for for years. I remember covering this in 2018 when Tesla debuted the semi, and we all thought it was going to be coming out soon.

It has taken nearly a decade for this to finally become a reality in large proportions, but the Tesla Semi is an electric truck that could be an alternative for some. There are other companies making electric trucks too, so that could be viable. But the problem with electric trucks is that the battery is so heavy, making it tough to compete with diesel on shipping heavy items.

It was often joked that when the Tesla Semi first debuted, the very first thing it shipped was a bunch of bags of Cheetos because they were so light and the truck couldn’t handle extra weight. They had a deal with PepsiCo, and it wasn’t ready at the time to ship anything heavy. 

It’s a lot better now, but the issue is still how heavy electric truck batteries are, which will make them somewhat limited in capacity. However, we are seeing some demand for the Tesla Semi that indicates it might become more competitive because of the price of diesel.

So when prices are high, generally somebody somewhere is benefiting. Who is it, in this case?

The people benefiting from diesel prices being so high are the refineries, which a lot of people don’t think about much because they’re the middle person in this entire process. They take the crude oil and turn it into usable diesel for a pickup truck, a semi truck, or farming equipment. 

The refinery business is experiencing high demand right now, and there’s limited capacity to do this because of issues in Russia, Iran, and other places throughout the world. There’s really nowhere else to do this, and therefore they can charge higher prices. That means higher profits for the refineries.

All of this is shaping up to potentially mean a really ugly winter. One thing I think about a lot is that American consumers will accept a lot of pain. We had Covid — the inflation, and shortages of literally everything. Then we had the war in Ukraine, and prices went up again. 

People still keep spending money, even as we predict this one’s going to get bad. People go to the store and spend money, and maybe they gripe, but it’s not like we’re out in the streets. Do you think this coming diesel shock — imminent, in your words — is going to be different?

I’m not an economist, but there is an interesting phenomenon emerging in the economy where consumer sentiment is at rock bottom, but consumer spending is actually really strong. There’s a gap emerging between what people say they feel and what they’re actually doing — in this case, they’re still spending. 

Maybe it’s YOLO spending. They’re thinking they don’t have much going for them, so they’re just going to keep spending. I’ve experienced that a little bit, so I don’t blame anybody.

At the end of the day, the numbers matter a little bit more than what people say they feel. But I do think people are going to hit a breaking point because they simply cannot continue this level of spending if the underlying fundamentals of the economy start to collapse.

This story appeared in Today, Explained, a daily newsletter that helps you understand the most compelling news and stories of the day. Subscribe here.

Today’s newsletter is a heavy one — so please feel free to skip it if you need to. But as the uproar over an alarming rape allegation at Cornell University from 2024 keeps building, I wanted to take a minute to look at the facts of the case and the wider scourge of campus sexual assault. (We’ll get into that second topic in just a minute.)

You’ve probably read about the case on social media, but if not, let me bring you up to speed. A former Cornell undergraduate student, identified as Jane Doe in a civil lawsuit filed earlier this month, alleges that seven men pressured her into drinking and snorting large amounts of ketamine, an anesthetic that can cause dissociation, before raping her at a campus fraternity house.

At the time, she reported the incident to campus police — but her lawsuit alleges the men were never adequately investigated. Instead, the case was handled through Cornell’s administrative disciplinary system, which meted out noncriminal punishments, such as suspensions and expulsions, and permanently shuttered the fraternity house.

The case and its handling have horrified observers online and in Ithaca, New York, where Cornell is located. In response to that uproar, the Tompkins County district attorney announced on Monday that he was reopening his office’s investigation. A nine-page statement further explained why the DA’s office didn’t file criminal charges two years ago: At the time, the statement says, the woman did not allege that she was incapacitated or that the encounter was nonconsensual. 

For many online, however, that explanation only prompted more questions, such as: Was Jane Doe ever interviewed by a specialist trained to speak to survivors? And what prompted her to go to police in the first place, if she believed the encounter was consensual? The reopened investigation will take time, but should provide some answers.

Go a little deeper

Sexual assault remains appallingly common on college campuses. When I taught an undergraduate writing class in 2024, I assigned my students a personal essay and encouraged them to choose a topic they found weighty or meaningful. In a class of 11 women, two wrote about being assaulted at school. 

That proportion surprised and horrified me, though it shouldn’t have. Surveys have consistently estimated that roughly one in five undergraduate women experiences some form of sexual assault or nonconsensual contact during college. 

Awareness around the issue has grown over the past decade or so, particularly in light of the Me Too movement and after a string of high-profile cases in the mid-2010s. But progress has been more complicated.

First, it’s difficult to know if the situation is improving or worsening, because the data around campus sexual assault is really limited. Federal law has historically required that universities disclose only the incidents reported through official channels — a small minority of all cases. 

In 2022, Congress enacted a requirement directing colleges and universities to begin conducting more comprehensive surveys on campus sexual assault every two years. That would have helped measure the true scope of the problem — arguably, a prerequisite for designing and tracking potential interventions. But the Biden administration never set up that survey, and President Donald Trump has, if anything, rolled back college sexual assault protections and slow-walked Title IX investigations related to sexual harassment and violence.

Just Monday, in fact, Trump’s Department of Education formally rescinded Biden-era rules designed to better hold schools accountable for sexual assault. The department will now revert to rules put in place during Trump’s first term, which defined sexual harassment more narrowly and gave schools more latitude over how they handle allegations. 

It’s an amazing irony, really, that those rollbacks were formalized on the same day that prosecutors reopened the Cornell case. If anything, the outrage over that investigation shows that people want institutions to take sexual assault more seriously. 

One link for later

➨ Make art a little more personal. The average museumgoer looks at any one piece of art for only 27 seconds — maybe because it’s daunting to spend any more time on the task of Serious Art Appreciation. Instead of laboring to interpret a piece the “right” way, try relating it to your personal experience and other cultural objects you know well. This is also a correct and valid way to look at art! As one artist told Vox, “I don’t need the viewer of my paintings to know exactly what I meant…it’s more about an openness to a conversation.” 

Before you go…

• Did you know…that the sun’s magnetic north and south poles reverse roughly every 11 years? It generally doesn’t have much of an impact on Earth, though it can make the auroras more visible. 
• Today’s trivia: The civil rights activist Ruby Bridges became famous at age 6 for doing what? (You can find this and other brain puzzles in Vox’s daily crossword. Look for the answer in tomorrow’s edition.)
• Yesterday’s trivia: We asked you for the name of the unrequited love interest in Victor Hugo’s The Hunchback of Notre Dame. That would be Esmeralda, whose fate was way darker in the 1831 novel than in the Disney movie version.