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Yahoo
05-08-2025
- Business
- Yahoo
Diesel pump prices are surging in potential boost to inflation
(Bloomberg) — US diesel prices at the pump have surged to the highest in almost a year as retail markets catch up with tightness in global supplies of the widely used fuel, threatening to boost inflation. The national average price of a gallon of diesel has risen 7% since early June to $3.738 on Monday, near the highest since August 2024, American Automobile Association data show. The rally was sparked by a flareup in the conflict between Israel and Iran and has been sustained by outages at refineries in Europe and a dearth of distillate-rich crudes. Diesel is a ubiquitous industrial and transportation fuel that's vital to the economy because of its role in construction, trucking and agriculture, among other sectors. Some of those industries are already facing headwinds: US factory activity in July contracted at the fastest pace in nine months, while construction spending fell in June. The rising cost of diesel threatens not only additional pain for a wide swath of industries, but also price pressures for consumers. 'As the industry is having to cover these increased prices, they pass those costs onto their customers, who then pass them on in the form of the final cost of goods to the consumer,' said Kendra Hems, president of the Trucking Association of New York. US diesel stockpiles are lower than the five-year average for this time of year, even after building up for three straight weeks, according to Energy Information Administration data. Diesel product margins increased in July as global stockpiles fell 10% to 15% year-over-year and financial demand for the product surged, according to Goldman Sachs Group Inc. Reduced diesel and crude feedstock for refineries outside of China and refinery intakes skewed toward lighter crudes more suitable for gasoline also drove diesel's rally, Goldman Sachs analysts including Yulia Zhestkova Grigsby said in a note. While industries should be able to cope if the current tightness eases, a hurricane, flood or power outage could disrupt that calculus, said Elaine Levin, president at Powerhouse, a company that designs and implements hedging strategies. 'We don't have much room for error,' Levin said. 'There's so much of the system without a rainy day fund.' White House policy could also affect the outlook for diesel. US President Donald Trump said last week that he would give Russia 10 days to reach a truce with Ukraine and reiterated his threat of additional levies on Moscow. Diesel prices skyrocketed during previous rounds of Russia sanctions and soared above $5 a gallon after the invasion of Ukraine in 2022. Trump has also vowed to impose an additional penalty on India for buying Russian crude, a warning that came after Nayara Energy Ltd. reduced run rates at its refinery in west India following European Union sanctions. 'With a major Russian-owned refinery in India seeing challenges now sourcing Russian crude, it's hard to know what the market response in terms of shifting supply might look like,' said Patrick De Haan, head of petroleum analysis at GasBuddy. —With assistance from Nathan Risser. ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
05-08-2025
- Business
- Bloomberg
Diesel Pump Prices Are Surging in Potential Boost to Inflation
US diesel prices at the pump have surged to the highest in almost a year as retail markets catch up with tightness in global supplies of the widely used fuel, threatening to boost inflation. The national average price of a gallon of diesel has risen 7% since early June to $3.738 on Monday, near the highest since August 2024, American Automobile Association data show. The rally was sparked by a flareup in the conflict between Israel and Iran and has been sustained by outages at refineries in Europe and a dearth of distillate-rich crudes.
Yahoo
26-07-2025
- Business
- Yahoo
Cost-conscious Michigan families rethink their summer vacations
Michigan families are still getting out of town this summer but they're not traveling as far, or for as long. Faced with rising prices on everything from rent to groceries, many Michiganders are scaling back on summer travel. Families are driving instead of flying, opting for shorter getaways and looking for more budget-friendly options like cruises or trips closer to home. "The family customer is looking to cut costs whenever or wherever they can," Geoffrey Lenart, owner of the St. Clair Shores-based travel agency Seven Seas Travel, said in an email. He said his agency has seen a big drop in that business compared with 2022 and 2023. "Our agency used to book a lot of family vacations for the summer and we are not seeing that this year," he said. While travel remains a priority for most Michigan residents, the post-pandemic travel boom has cooled in certain ways. More than 80% of Michiganders said they plan to take at least one vacation for three or more days this year, according to a January survey by the American Automobile Association. June and July are the most popular months for Michigan residents to travel, followed closely by August and September, the survey found. This year, however, marks a shift. In the years following the pandemic, there was high travel demand, and prices rose as a result, peaking in 2023. More on how costs have risen: Inflation is slowing. Wages are up. So why does life feel costly for many Michiganders? It's becoming cheaper to travel Prices are declining, although they still remain well above pre-pandemic levels. The average cost of a flight from Detroit in the third quarter of last year (July, August and September) was $404, according to data from the U.S. Bureau of Transportation Statistics. The travel search engine Kayak found both domestic and international travel each saw a 9% decrease in airfare for Michiganders compared with last summer. U.S. hotel rates, meanwhile, fell slightly by 2% to $174/night in 2024 compared with 2023, according to 2025 Hotel Price Index. Overall, the average cost of a trip (a round-trip flight and a typical hotel) for Americans is down 6% compared with last summer, Kayak found. But consumer behavior has shifted ... to cruises Lenart said while he's seeing prices start to drop significantly on certain trips, cruises have become a more popular option with some travelers. He said Seven Seas Travel's cruise business is up at least 200% this year compared with last year. Brandon Javon Easley, 36, of Eastpointe, will leave in early August for a dream trip of his: a cruise around Greece for seven days, celebrating his and his wife's anniversary. Easley is leaving his two kids at home but he'll be joined by about 60 family members on the cruise, which was planned by Seven Seas Travel. He started using Seven Seas Travel to plan trips to Las Vegas but once he went on one cruise, "I've been hooked ever since." What Easley likes about cruises is that he can see multiple cities in one trip and also pay for the cruise in monthly installments far ahead. Traveling "becomes affordable because you're able to put down your deposit. They actually help you to set up a payment plan, and it's not so much that you take a large hit at one time. So being able to put down a minimum deposit and then turning around and being able to pay monthly or biweekly ... makes it very, very easy and affordable," he said. Even though these cruises aren't cheap — his cruise to Greece will cost about $7,000 — Easley said he's noticed that prices for cruises have become more affordable in recent years. Lenart said that with cruises, customers can pay up to 18 months ahead, which is common practice. 'Staycations' are growing in popularity Even if families aren't turning as much to travel agencies to book their summer travel, they are still traveling. While cruises are a relatively small but growing segment of Michigan travel, the most popular type of trip this year for Michiganders is a road trip, AAA found, with 45% of survey respondents saying they plan to take this type of trip in 2025. The vacation rental website Airbnb, meanwhile, found U.S. travelers who are looking to book through Airbnb are interested more this year in trips within 300 miles of their homes. Groups and families account for more than 60% of searches for rentals within 300 miles of home, according to a recent summer trend report from Airbnb. In fact, nearly 30% of Americans with children ages 18 or younger living at home said that they are choosing staycations over travel to other destinations, or are very likely to do so, according to an April online survey conducted by Panterra Research and Airbnb. Early insights from northern Michigan hotels indicate that Michigan residents are traveling to northern Michigan in record numbers. Typically, about 70% of northern Michigan tourists live in the state, executives at northern Michigan organizations that promote tourism say. Jim Powell, executive director of the Petoskey Area Visitors Bureau, said hotel occupancy in June was on track to match June's 2024 occupancy rate, which was a record June for the region. The week of the July 4 holiday weekend, he said some hotels did report having some vacancies on Monday and Tuesday but hotels were mostly full by the holiday weekend. Powell attributed that to people holding off to see what the weather would be and being unsure about taking a family vacation. "Coming out of COVID, we've had these wonderful growth years and that growth has continued," he said. "We keep predicting that it's going to fall back, but it's not." Powell said one reason why that growth has continued is because of the area's accessibility. "It's a three- to four-hour drive, so it's a tank of gas," Powell said. "We have a variety of hotel products here, everything from some old school motels and hotels that are super affordable and priced right. Then we have the other end of the spectrum." Trevor Tkach, president and CEO of Traverse City Tourism, said he knew based on surveys that consumers are thinking about their finances. They also said that their intent to travel never wavered. Tkach said this year through June, the average length of stay at a hotel in Traverse City dropped slightly compared with last year. The percentage of visitors staying overnight is down from about 80% to 77%, suggesting to him that people are still visiting Traverse City, but they are staying for fewer nights than they otherwise might and could be driving in for the day instead of staying overnight. He said the average hotel room cost has dropped compared with 2024, which he said could be partly due to the significant increase in hotel inventory in Traverse City this year. The average hotel price in Traverse City based on data from 28 hotels is $219, with high season averages around $408, according to an analysis from More Michigan travel ideas: 3 small Michigan towns are made for a summer shopping trip Trips are last to be sacrificed A Panterra poll confirmed that travel remains a priority for many people. It found that vacations are the last thing to be cut from people's budgets, with the majority of those surveyed saying they are more likely to (or will) spend less on dining out, entertainment or will change brands to stay in budget. That's how Chris Sherrod, 35, of Westland, feels. Sherrod has five children but still makes it a priority to travel. Often, that travel is around his children's out-of-town sports tournaments, and he and his wife find free activities to do with their children to make a vacation out of it. Most years at the beginning of summer, he and his family drive to Disney World in Florida for their annual summer vacation, but, this year, they couldn't get their schedules to line up. So instead, Sherrod is taking an adults-only vacation with his wife and some friends and family to Puerto Vallarta, a resort town on Mexico's west coast. He used an AAA travel agent to help him identify the weeks with the cheapest flights and book flights within his budget, which was $800 per person for a round-trip flight. The travel agent helped him find flights for $600 per person. Leading up to the trip, Sherrod is making sure to keep expenses in check, such as spending no more than $125 on groceries per week. Contact Adrienne Roberts: amroberts@ This article originally appeared on Detroit Free Press: Cost-conscious Michigan families rethink their summer vacations
Forbes
12-07-2025
- Forbes
The Summer Guide To A Road Trip That's Big On Fun And Light On Impact
Summer is a time for road trips From winding coastlines, lush national parks, to beautiful views on the mountain side road trips offer one of the most immersive ways to explore the world around us. American Automobile Association projects a record 61.6 million North Americans will take road trips this year, a 2.2% increase from last year, signaling a growing love for domestic, self-guided travel. Fortunately, the freedom of the open road doesn't have to come at the planet's expense. With a few mindful choices, you can chart a course that's low-impact, high-reward and still full of adventure. A well-planned route can significantly reduce unnecessary driving. Use route-optimization tools like Google Maps or Waze to help you to plan your trips. This is essential as mapping your route helps to prevent backtracking and congested routes. As a result, you not only cut fuel consumption but also reduce travel stress. According to transportation analytics firm INRIX, the average U.S. driver lost 43 hours to traffic congestion in 2024, an increase of one hour from the previous year, based on findings from its 2024 Global Traffic Scorecard, which analyzed peak travel times over a 22-month period. Even a fraction of those hours could be saved with better planning. Once you have mapped your stops, try to cluster activities geographically so you are not doubling back, wasting time and gas by zigzagging between locations. One of the first things you should do before setting off, is give your vehicle a proper check-up. A well-maintained car burns fuel more efficiently and emits fewer pollutants. According to the U.S. Department of Energy, fixing serious maintenance issues, like a faulty oxygen sensor, can improve mileage by up to 40%. For your trip, ensure your tires are inflated, your air filters are clean, and your engine is tuned. It is one of the easiest ways to lower your footprint without changing your travel style. You can find more car tips to ensure better fuel economy in this comprehensive guide. Ditch the disposables. Pack a kit with reusable water bottles, cutlery, food containers, and cloth napkins. The World Economic Forum report expressed that of the 40 million tons of plastic waste generated in the U.S. in 2021, only 5% to 6%, or about two million tons was recycled. To reduce your plastic usage on your trip, a simple stainless-steel bottle and a stocked cooler can help you avoid roadside plastic waste, unnecessary food packaging and also help avoid overpriced roadside snacks and packaging waste. Additionally, remember to pack reusable shopping bags, and biodegradable wipes which are also essential for your trip. Another item that is often forgotten is garbage bags for collecting waste along the way, especially when passing through remote areas without public bins. Finally, remember to pack a portable battery pack or car charger which are must haves to keep your phone powered in case of emergencies or when navigating off-grid. Excited black family packing their car trunk for a trip to the beach. Every pound counts when it comes to fuel efficiency. Avoid overpacking, and skip bulky roof racks unless absolutely necessary. According to the U.S. Department of Energy, storing items inside your car or trunk instead of on a roof rack can significantly improve fuel efficiency, reducing drag and improving mileage by up to 8% in city driving and as much as 25% on the highway. It is also wise to travel light because carrying around an extra 100 pounds could raise your fuel cost by roughly 3 cents per gallon. Furthermore, streamlined packing also means less unpacking and repacking at each stop, so your trip runs more smoothly overall. If you will be staying overnight on your trip, support accommodations that practice sustainability. Use platforms like or the Global Sustainable Tourism Council to find certified green accommodations. If you will be camping, follow Leave No Trace principles which is simply: dispose of waste properly, respect wildlife, and leave natural spaces better than you found them. While fast food is convenient while on your road trip, sustainable travel invites you to explore local flavors instead. Seek out farm-to-table restaurants, regional farmers' markets, or even food trucks that use local ingredients. This not only ensures that you enjoy fresher meals, but also support local farmers and reduce the carbon cost of long-distance food transport. You can still pack homemade snacks and sandwiches, but try to diversify your dining with local gems whenever you stop. Outdoor farm to table meals. What is a road trip without fun activities? So plan activities that minimize environmental impact and maximize community benefit. Opt for walking tours, nature hikes or other low-emission experiences. Better yet, hire local eco-guides who are knowledgeable about the land and invested in protecting it. This ensures that your money goes back into the community while deepening your connection to the places you explore. Even the most conscious travelers will generate emissions. To mitigate against this, you can consider purchasing verified carbon credits through platforms like Gold Standard, Cool Effect, or Climate Action Reserve. Offsetting 1,000 miles of driving in a gas-powered car can help fund climate solutions like clean cookstove projects or reforestation in underserved regions. Conclusion Road trips are an essential summer activity and we can do it sustainably without eliminating fun and adventure. You can elevate it with intention because when you travel consciously, every mile becomes more meaningful. Your trips becomes more than just sightseeing and you become a part of a global movement redefining what it means to explore responsibly. Road trips offer freedom, but with intention, they can also offer environmental responsibility.
New Straits Times
12-07-2025
- Automotive
- New Straits Times
Walking away from road rage is the best solution
ROAD rage, the dangerous cocktail of impatience and aggression on our roads, has become a disturbingly common scene from city streets to major highways. Beyond the immediate danger and emotional trauma, these incidents leave behind a heavy economic burden that ultimately affects us all. According to the American Automobile Association (AAA), aggressive driving contributes to 56 per cent of fatal crashes in the United States. Closer to home, the Malaysian Institute of Road Safety Research estimated that road accidents had cost the nation a staggering RM8.8 billion in 2023 alone. Aggressive driving behaviour such as tailgating, sudden braking, and dangerous overtaking often lead to collisions and damage that require costly repairs. A single road rage incident can set off a chain reaction, from smashed bumpers and cracked windscreens to hours stuck in gridlock while emergency teams clear the scene. A road rage encounter may not always end in a major collision, but the resources involved such as police intervention, legal processing, and public safety responses, all come with a price tag. Insurance premiums on the rise In Malaysia, insurance premiums and takaful (Islamic insurance) contributions are determined based on a driver's risk profile and claim history. When drivers are involved in aggressive or at-fault incidents, they risk losing their No-Claim Discount, which can reduce premiums by up to 55 per cent for careful drivers. Losing this discount means paying significantly higher premiums or contributions the following year, sometimes amounting to a 20 to 30 per cent increase, depending on the insurer or takaful operator and the severity of the claim. Whether through conventional insurance or takaful, the result is the same. All in all, responsible drivers end up indirectly sharing the financial burden caused by aggressive road behaviour. When someone is involved in a road rage incident, the impact rarely ends at the roadside. Victims and perpetrators alike may need time off work to recover physically or emotionally, attend police interviews, or navigate legal proceedings. The Malaysian Employers Federation estimates that absenteeism costs businesses over RM6 billion every year, with road accidents being a significant contributor. Imagine an executive stuck for an extra hour on the way to a critical meeting because two drivers decided to settle their score in the middle of the road. That lost hour translates into delayed decisions, missed opportunities, and disrupted operations, creating a ripple effect that stretches beyond one company. When multiplied across hundreds of similar incidents each year, the cumulative effect is a serious drag on national productivity and economic competitiveness. Breaking the cycle of road rage requires more than just enforcing laws; it demands a cultural shift toward empathy and responsibility. Stronger public awareness campaigns are essential to show that patience and courtesy are not only moral choices but also smart economic decisions that save money and lives. Employers can play a role by offering flexible working hours or remote work options to help reduce peak-hour congestion and lower commuter stress. On an individual level, taking a simple walk can be surprisingly powerful in preventing anger from spiralling into road rage. A 2018 study published in Health Promotion Perspectives found that just 10 minutes of brisk walking significantly reduced feelings of tension and anger, or in today's lingo, helped prevent us from "getting triggered". So, the next time you feel your temper rising behind the wheel, try taking a deep breath first, then consider stepping out for a quick walk. Even a short stroll around a parking lot or nearby sidewalk can help calm the mind and reset your emotions. As stated in a hadith by Prophet Muhammad: "The strong is not the one who overcomes the people by his strength, but the strong is the one who controls himself while in anger." (Sahih al-Bukhari, Hadith 6114). Choosing to walk away from anger is more than a personal win; it is an investment for a safer, healthier, and more prosperous Malaysia. The writer is Interim Director at the Centre of Excellence for Research and Innovation in Islamic Economics (i-RISE), ISRA Institute, INCEIF University.
