Diesel prices climb to highest average since 2022, nearing record high
- The average price of a gallon of diesel hit $5.680 on Wednesday, marking the highest level since July 7, 2022, according to GasBuddy data.
- Global fuel supplies are tightening as disruptions in the Middle East and Russia squeeze markets; Ukrainian attacks on Russian refineries forced emergency shutdowns, reducing production to about 70% of demand.
- Separate Energy Information Administration data showed diesel prices at $5.599 for the week ended Aug. 31, while facilities have been running at utilization rates above 95% for 12 consecutive weeks.
- President Donald Trump met with oil executives at the White House Tuesday and pushed companies including Chevron, Marathon Petroleum, and Valero to increase refining capacity before midterm elections.
- Higher fuel costs are filtering through supply chains as transport operators raise surcharges, affecting trucking, agriculture, and construction industries, with Aug. inflation figures scheduled for release on Sept. 11.
29 Articles
29 Articles
Trump Just Got Handed Iran’s Bill for Winter: Record Diesel Prices, Four-Year-Low Stocks, and Heating Season Ahead of the Midterms
Diesel refining margins hit record highs as Middle East disruption met Russia's export ban, U.S. distillate inventories are at a four-year low, and heating oil comes from the same stock. Experts warn of shortages sharpest at harvest, and with Trump's approval sliding and the midterms two months away, Bottomley argues voters may blame the war.
U.S. Diesel Prices Close In on April War Peak
A diesel-price shock may be approaching Western economies. That's because the industrial fuel sits at the epicenter of freight, agriculture, construction, and heavy industry; soaring prices ripple quickly through supply chains, raising transportation and construction costs, reigniting food inflation, weakening consumer sentiment, and intensifying margin pressure on small and medium-sized businesses. The latest AAA data show that the nationwide a…
The price of diesel in the United States reached its highest level from the peak recorded in April, during the initial phase of the war between the United States and Iran.This shows the inflationary pressures that threaten the world economy as the conflict continues.According to the American Automobile Association (AAA), the average domestic price of gasoline reached $5,688 per gallon on Tuesday.This represents only a small decrease from the Apr…
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