Diesel prices just smashed a 2022 record, but it's not only trucks that are taking a hit. What it means for your wallet

On September 4, diesel prices reached a new all-time record, surpassing the previous peak set in June 2022. The national average price per gallon of diesel was $5.85, just $0.04 higher than the June 2022 record. Geopolitical conflict, particularly the Russia-Ukraine war and tensions with Iran, were key drivers of both price surges.

Diesel fuels critical transportation infrastructure, including cargo ships, freight trains and long-haul trucks, as well as farm equipment used in domestic food production. The price surge may have relatively small individual impacts but could cumulatively affect many item prices. Diesel isn't the only fuel experiencing price increases; Brent crude oil reached $94 per barrel on the same day, while gasoline averaged $4.14 per gallon, a record high for this time of year.

Consumers have limited ability to absorb higher prices after years of elevated inflation. Rising costs could lead to more borrowing, less saving and economic instability. To preserve wealth, alternative assets like gold, which has long been viewed as a potential hedge against inflation, can be crucial. Gold IRAs allow tax-advantaged holding of physical gold or metals.

Investments in private markets, such as real estate, private equity and art, can also diversify a retirement portfolio. Maintaining an accessible emergency fund and high-yield accounts can help weather economic downturns.