Diesel prices are surging putting further pressure on Europe. Ukraine is only part of the story.

Even if you don't fill your own vehicle with diesel, its price has a big impact on your life. While gasoline is mainly a consumer fuel for cars, diesel powers much of the wider economy, from freight transport and farming equipment to construction and industry. That is why diesel shortages or price shocks can have a bigger economic impact than higher gasoline prices by raising the cost of moving goods and operating heavy machinery. As businesses become strained, these higher energy costs will be passed on to consumers and add to a growing cost-of-living crisis and inflation . So what's driving global diesel prices higher? The United States and China are among the world's largest diesel producers.