U.S. Retail Diesel Prices Hit Record High as Global Supply Tightens
AAA said the national average climbed 23 cents in a week as supply disruptions and refinery strains pushed fuel costs higher across the economy.
- On Friday, U.S. diesel prices hit a record $5.85 a gallon for the first time, while international benchmark Brent crude trades at more than $95 a barrel amid the 6-month war with Iran.
- Before the war began in late February, diesel averaged about $3.76 a gallon, but prices climbed as crude oil costs soared amid supply chain bottlenecks in the Strait of Hormuz.
- Fuel accounts for roughly 15% to 30% of total food costs, according to the Independent Grocers Alliance. Amazon, FedEx, and the United States Postal Service implemented fuel surcharges as early as April.
- Higher transportation costs now affect clothing, cosmetics, furniture, and other goods. Businesses have already passed these costs to consumers through added fees on online orders and packages.
- Neil Atkinson, energy analyst at the National Center for Energy Analytics, warned that physical stocks are dwindling, citing strain on the global refining system in a briefing with Lloyd's List Intelligence.
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310 Articles
US fuel surge exposes refining bottleneck as diesel hits record high
America’s latest fuel-price surge is exposing a problem that more oil alone cannot quickly solve: the capacity to turn crude into the fuels that consumers and businesses actually use. Diesel reached a record $5.8500 a gallon on Friday, while gasoline was expected by GasBuddy to reach at least $4.03 on Labor Day, the highest nominal price ever recorded for the holiday. Jet fuel costs have also climbed sharply, contributing to higher airfares and …
Record Diesel Prices Hammer U.S. Economy as Wars Tighten Global Supplies
U.S. diesel prices reached a record $5.85 per gallon this week, surpassing 2022 highs amid wars disrupting supplies from Iran and Russia. The surge threatens higher inflation in groceries, goods, and transport costs with major implications for the economy and November midterms. Businesses and consumers will feel the impact for months.
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