War in Ukraine is causing pain at the pump; producers are looking at an expensive planting season
As the war in Ukraine shows no sign of letting up, gas prices surged to a new high overnight. The national average is now $4.17 a gallon, an 11 cent jump in just 24 hours. Diesel is even higher at $4.75 a gallon.
The trend is stunning.
A 48 cent jump in just one week, and a 72 cent jump in the last month. When you consider it takes 2.5 gallons to plant, spray and harvest an acre of no-till corn, and with fertilizer prices at record highs, the spring planting season looks more expensive than ever.