Diesel prices are climbing even faster than gas prices. Here’s why you should care | CNN Business

American drivers notice soaring gas prices. But another fuel – diesel – is also on the rise, and at a much faster pace. While you’ve likely never bought a gallon of diesel, it’s still worth worrying about. That’s because much of the world’s economy – from consumer goods to the food you eat – gets to you thanks to diesel. Since the fighting started in Iran a week ago, gasoline prices are up 47 cents, or 16%, to $3.45 for a gallon of regular, according to Sunday’s AAA reading. But that’s nothing compared to the 84 cent increase, or 22% rise in diesel prices, taking a gallon of that critical fuel to $4.60. The reason diesel is rising so much faster than gasoline is that it was in shorter supply heading into this energy price shock, said Tom Kloza, an independent oil analyst and an advisor to global oil company Gulf Oil. He predicts diesel could hit $5 a gallon this month. The freezing cold winter created huge demand for heating oil in the Northeast, where its still a common source of residential heating. Home heating oil and diesel are essentially identical products. That means higher heating oil costs. But the real risk to consumers are higher costs to transport t