Rising fuel prices are putting growing pressure on farmers and ranchers as they grapple with increased costs of growing food and fiber. USDA estimates show that the cost of fuel, lube and electricity is expected to increase 34% in 2022 compared to 2021. American Farm Bureau Federation economists analyze the factors contributing to rising fuel prices in its latest “Market Intel” report.
The war in Ukraine has reduced availability of global crude oil and U.S. domestic production is down while demand is increasing in the…
