US Diesel Prices Rise Past $6 a Gallon for First Time Ever
Supply disruptions from the Iran war and Russian refinery strikes pushed diesel to a record, with AAA citing a 63% jump from a year ago.
- On Friday, the U.S. national average diesel price reached $6 per gallon for the first time in history, according to GasBuddy data, marking a record high that surpasses the previous $5.82 record set in June 2022.
- Conflict between the U.S. and Israel against Iran, coupled with Ukrainian attacks on Russian refineries, disrupted shipping through the Strait of Hormuz, which previously carried roughly one-fifth of global oil supply.
- Energy Information Administration data shows U.S. diesel inventories stand 13% below their five-year average, while Andy Lipow, president of Lipow Oil Associates, noted the world has lost nearly 8% of its diesel supply.
- GasBuddy analyst Patrick De Haan warned that record diesel prices will "reignite inflation up and down the supply chain," with the spike already costing Americans more than $46 billion since the war in Iran began.
- Rising fuel costs create a political headache for President Donald Trump and Republican lawmakers as they defend thin congressional majorities in November's midterm elections, with analysts expecting these costs to reach consumers over the next several weeks.
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US average diesel price passes $6 a gallon for the first time, GasBuddy says
The latest surge in fuel costs is adding to inflationary pressures that have already strained consumers and businesses this year, creating a political headache for Trump and Republican lawmakers as they seek to defend thin congressional majorities in November's midterm elections.
Diesel Prices Hit Unwelcome Milestone
Diesel just notched a painful first: anverage price above $6 a gallon nationwide. US trucks and farmers are now paying about 63% more than a year ago, matching to AAA data, with diesel at $6.06 per gallon on water and close to $8 in California, the country's widet...
Diesel Hits Record $6 a Gallon
“Diesel prices in the U.S. have hit a painful new milestone for the transportation industry: $6 a gallon, a surge experts said is likely to have ripple effects for consumers as businesses pass on their higher energy costs,” CBS News reports. NewsNation: Americans have paid an extra $100 billion for fuel due to Iran war.
The rise in fuel prices is particularly unpopular in the United States and could influence the mid-term legislative elections scheduled for early November.
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