Higher Than Ever Diesel Costs the Past Two Years
Diesel costs in the previous two years have been higher than ever. There are an endless number of variables that can affect the pricing of fuel given the global scale, but the two hard-hitters for diesel are the COVID-19 pandemic and the war in Ukraine.
A worldwide health scare will undoubtedly lower production and demand of products. Diesel was not excluded from this, some companies ended up having to limit their capacity by one million barrels a day (npr). The war in Ukraine only exacerbated this effect, many countries turned away from Russia as an exporter and looked to the US for all their fuel needs creating a massive increase in pricing to balance the demand.
Fuel is an essential part of the current world economy; Freight and delivery trucks, trains, buses, boats, farms, construction, military, cars, all utilize diesel fuel. Beyond the inflation of many products, it can even have an impact on the livelihood of people. There are rural and remote communities that must rely on diesel as a fuel for living essentials like lighting and heating.
Canada is working rigorously toward their net zero 2050 climate goal, and “1 liter of diesel fuel releases approximately 13% more Co2 than for the same amount of gasoline fuel” (icct). Slowly shifting away from fossil fuels is the next step, and with rising costs for fuel it is now more than ever a viable investment for a home renewable energy generation system. Canada has very good wind making home turbines especially effective, contact us for an estimate on the amount of power that can be produced at your location and the money you could be saving on energy costs.