SAN ANTONIO \u2013 Two major economic developments hit within 24 hours of each other Wednesday, and experts say San Antonio families could feel the effects at the gas pump, the grocery store and in their monthly bills.<\/p>\n
Diesel fuel crossed $6 a gallon nationally for the first time on record, according to GasBuddy. At the same time, the Federal Reserve raised its benchmark interest rate by a quarter of a percentage point to between 3.75% and 4% \u2014 the first rate hike since 2023.<\/p>\n
What\u2019s driving diesel prices?<\/p>\n
GasBuddy Head of Petroleum Analysis Patrick De Haan said the surge is being driven by a combination of geopolitical tensions, including disruptions tied to the Strait of Hormuz and ongoing conflict between Russia and Ukraine.<\/p>\n
\u201cDiesel is kind of the default fuel for the economy,\u201d De Haan said. \u201cTrains, tractors and trucks all consume diesel. Your next delivery, your restaurant visit, your night out is going to be impacted in one way or another by the rise in the cost of diesel fuel. It\u2019s going to leach into grocery stores.\u201d<\/p>\n
De Haan said 44 of the nation\u2019s 50 states are now seeing diesel prices in record territory. San Antonio is no exception.<\/p>\n
He added that meaningful relief is unlikely until tensions on the world stage begin to ease.<\/p>\n
\u201cIt\u2019s only improvements or de-escalations in the current issues that would really mean improvement to what consumers are paying,\u201d De Haan said. \u201cWhat consumers should be looking for is whether these situations continue to escalate and get worse \u2014 which would mean higher prices \u2014 or we start to see some de-escalation, which would reduce risk, allowing oil and diesel to start flowing to the market.\u201d<\/p>\n
Truckers are fed up<\/p>\n
At the Flying J Truck Stop on San Antonio\u2019s East Side, truck driver Freddy Pagai didn\u2019t mince words.<\/p>\n
Pagai, who drives out of Chicago, said his company covers his fuel costs \u2014 but he knows the bill lands somewhere.<\/p>\n
\u201cWe\u2019ve got to take it. They\u2019ve got the power. We can\u2019t do nothing on it,\u201d Pagai said.<\/p>\n
He said the frustration extends well beyond the trucking industry.<\/p>\n
\u201cLook at the prices, man. How are you going to do that to the people that are making this country go around?\u201d Pagai said. \u201cWithout truckers, nobody gets their stuff. And you\u2019re ripping them off? Believe me, every trucker will say the same thing.\u201d<\/p>\n
The Fed rate hike adds another layer<\/p>\n
On top of rising fuel costs, the Federal Reserve\u2019s decision to raise interest rates Wednesday adds another financial pressure point for many families.<\/p>\n
Jose Moreno, a finance professor at the University of the Incarnate Word, said the combination of inflation and higher borrowing costs could create a difficult situation for households already stretched thin.<\/p>\n
\u201cYou have now not only one problem, but you have two problems,\u201d Moreno said. \u201cThe cost is going to increase for you when you buy the products, but also is going to increase the cost of getting that loan to pay for that product.\u201d<\/p>\n
Moreno said consumers carrying credit card balances should expect their interest rates to move up quickly following the Fed\u2019s announcement. He urged San Antonians to be mindful of their spending and avoid taking on new debt if possible.<\/p>\n
He also noted that small businesses in the region could feel the squeeze, as borrowing costs for growth and expansion rise alongside everyday operating expenses.<\/p>\n
What can you do?<\/p>\n
De Haan said there\u2019s not much consumers can do about the price of diesel directly, but suggested using apps like GasBuddy to find the lowest fuel prices nearby. The app tracks both gasoline and diesel prices and offers a platform that can help drivers save money at the pump.<\/p>\n
As for the broader economic picture \u2014 both experts agreed the situation bears watching closely in the weeks ahead.<\/p>\n
Read also:<\/p>\n
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