Diesel prices hit record high

Diesel prices reached $5.51 per gallon on Friday, an all-time high.

Video transcript

RACHELLE AKUFFO: Now, Ines, we know that you're also watching diesel hitting a new record high today.

INES FERRE: Yeah, that's right, diesel hitting a high of $5.51 a gallon. It's up about $2.41 from a year ago. And Andy Lipow, a strategist, oil strategist, had some interesting commentary about this. He said that refineries have been, for the last couple of months, pumping out-- or putting out as much diesel as possible to the detriment of gasoline. So you've got gasoline inventories right now that are about 2% lower than they were a year ago, but you still have diesel inventories that are about 24%.

So the big focus is on diesel. And this is affecting so many industries. It affects the trucking industry. It affects the farming industry. And this has been a worse problem in Europe. And you had in March, the US sending diesel to Europe because they use a lot of diesel there. So it touches many parts of the economy when diesel prices are very high. It definitely impacts the economy.

RACHELLE AKUFFO: Like the domino effect, indeed. Thanks to Yahoo Finance's own Ines Ferre there.