Iran war pushes diesel – the economy’s lifeblood – to record high prices, with no relief on the horizon
Diesel climbed to a record $6.31 a gallon as tight global supplies squeeze truckers, farmers and consumers, analysts said.
- On Tuesday, September 15, 2026, Senate Majority Leader John Thune proposed banning U.S. diesel exports as the national average price hit a record $6.31 per gallon, straining the American economy.
- Global supply shocks, including the U.S. war against Iran closing the Strait of Hormuz and disruptions in Russia and Illinois, have constrained diesel production. Refineries are running at nearly 98% of maximum capacity.
- Higher diesel prices added more than $1.4 billion to the cost of planting major U.S. crops in 2026, a 63% increase, with Illinois, Iowa and Minnesota hit hardest. These costs feed into broader consumer inflation.
- Interior Secretary Doug Burgum warned Monday that an export ban would be unlikely to lower energy prices and could invite retaliation from trading partners. Analysts also caution the ban could deepen shortages if refiners cut activity.
- The Center for Strategic and International Studies estimates 70% of U.S. refining capacity runs on imported heavy crude, meaning a diesel export ban would not automatically increase domestic supply. Distillate inventories are projected to fall below 100 million barrels.
15 Articles
15 Articles
The average price of a gallon of diesel fuel in the United States remains at a record level. On Friday, it amounted to about 6.43 dollars, according to GasBuddy services. The growth of the latter is due to the interruption of shipping in the Ormuzsk basin of Russia's war against Ukraine, reports ABC News. The problems with shipping in the Hormuz River continue after the strikes of the United States and Israel on Iran in February. The war of Russ…
Turek proposes fuel-price relief plan, Hinson argues for increasing domestic supply
Turek said Wednesday the federal government should take three immediate actions: draw additional oil from the Strategic Petroleum Reserve, pause U.S. diesel exports and temporarily suspend the federal gasoline tax. Hinson has argued that increasing domestic energy supplies and expanding…
(New York = Yonhap News) Correspondent Lee Ji-heon = As the global diesel supply crisis intensifies due to attacks on energy infrastructure in Russia and Saudi Arabia, the U.S. government...
Surging diesel prices revive debate over reducing US fuel exports
President Trump faces pressure to address surging fuel prices, with some Republicans considering restrictions on U.S. fuel exports ahead of the November midterm elections, The Wall Street Journal reports. The national average price for diesel recently topped $6 per gallon for the first time and reached a record of about $6.29, with transportation, agriculture and […]
The Conversation
Iran war pushes diesel – the economy’s lifeblood – to record high prices, with no relief on the horizon
The country, and the world, have been losing diesel refining capacity for many years and can’t just ramp up production to fill the shortages.
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