Test drive: 2021 GMC Yukon Diesel
The 2021 GMC Yukon Diesel combines the pulling power of a V8 with crossover fuel economy, but is already nearing the end of the road, according to Fox News Autos Editor Gary Gastelu.
Gas prices have finally leveled off after a major spike this month driven by the Russian invasion of Ukraine, but remain higher than they’ve been since 2008.
Drivers of diesel vehicles have been hit hardest, with prices up 63% since last year compared to 48% for regular gasoline.
Diesel prices are up more sharply than gasoline in recent weeks. (David Paul Morris/Bloomberg via Getty Images)
Dean Foreman, Chief Economist at the American Petroleum Institute told Fox News Autos that, while the prices would’ve been lower without the market pressures created by the conflict, the difference between them would’ve been similar due to other factors.
Foreman said refiners had been shifting toward gasoline production in anticipation of a rebound driven by return to work, but that deliveries due to the growth of online retailing remain strong and have kept up demand for diesel amid tight supplies.
While trucking companies are used to this sort of volatility, there was a diesel resurgence among retail models in the U.S. about a decade ago that saw the introduction of dozens of new cars and SUVs until it was derailed by Volkswagen’s "Dieselgate" emissions scandal in 2015.
There aren’t any new diesel cars left for sale today, as automakers begin focusing on electrified vehicles, but GM, Ram and Jeep still offer several light duty trucks that run on the fuel. There are also plenty of lightly used vehicles on the road that can still save their drivers money at the pump, even at today’s prices.
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For instance, it currently costs $3,150 to fill up a 2021 Land Rover Range Rover Sport diesel annually while the recommended premium gasoline required for a gasoline V8-powered model would be $3,900. Meanwhile, drivers will pay around $2,000 to run a 2019 Chevrolet Cruze for a year with either a diesel or gasoline engine under the hood.
Several Ram and Jeep models offer a 3.0-liter turbodiesel V6. (Ram)
Those dynamics will change with the price gap, which really can’t be predicted at this time, but do present an opportunity if things move toward diesel’s way. However, diesel owners may be in a position to profit off their vehicles right now.
According to data collected by iseecars.com, list prices for used diesel vehicles up to five years old increased more than their gas-powered counterparts in the first two weeks of March compared to last year. On average, diesel vehicle prices were up 34.1% compared to 31.3% for gasoline models.
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The spread was particularly wide for Ram 1500 pickups, which saw increases of 39.2% for diesel trucks and 24.5% for gas. The difference for the Range Rover Sport mentioned above was 36% v 31.8%.