Gas prices could soar if the U.S. bans diesel exports, economists say
President Trump said he is "very seriously" considering a ban on diesel exports. But such a move could drive U.S. gas prices sharply higher, analysts said.
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President Trump said he is "very seriously" considering a ban on diesel exports. But such a move could drive U.S. gas prices sharply higher, analysts said.
The surge in diesel prices this year is putting a financial squeeze on schools, farms and small businesses around the U.S.
Uncertainty over global oil supplies tied to Middle East tensions has pushed Florida's gas average to $4.28 a gallon, AAA says.
Florida's gas average jumped 44 cents per gallon in just 10 days, AAA says.
As fuel costs rise, supply chain partners are shipping less, leading to a drop in donations, Feeding South Florida CEO says.
Fort Lauderdale is averaging $4.16 a gallon and Miami $4.13, with diesel hitting $6.50 at one Davie truck stop.
The Iran-backed Houthis expanded their control over the strategy Bab-el-Mandeb strait, as strikes continued in the Strait of Hormuz.
Iran on Sunday threatened a "more painful" response to U.S. strikes on three Iranian oil tankers.
After more than a dozen meetings with Cuban and U.S. officials, Vanguard Energy signed a contract to lease facilities owned by the Cuban government to store fuel, allowing its larger oil tankers to head to Cuba.
The fuel depot is crucial to keeping Port Miami's massive economic engine running. The port has an economic impact of $61 billion and supports 340,000 jobs, according to the county.
As of Saturday, AAA reported Florida's average diesel fuel price at $5.54 a gallon.
To help consumers navigate the higher costs of food and goods, CBS News Miami spoke with Mark Hamrick, the Senior Economic Analyst at Bankrate.
Experts attribute the interruptions to supply chain disruptions and a surge in demand, tied in part to panic buying.
The average price of gas across the U.S. last reached $4 after Russia's invasion of Ukraine sent crude oil prices surging.
The AAA auto club said Florida motorists paid an average of $3.12 a gallon for regular unleaded,
The Treasury chief told CBS News she expected inflation to ease thanks to a "resilient" U.S. economy, and said Biden's shift to EVs would become "less reliant on China."
