U.S. Diesel Hits Record $6.06 a Gallon

Overview

• The national average for diesel reached $6.06 per gallon on Friday, a new record that exceeds the previous peak from mid-2022.
• Analysts link the surge to tighter crude markets as U.S.–Iran clashes and the Russia–Ukraine war have raised oil prices above $100 per barrel and disrupted supplies.
• Damage to refineries, export curbs by major suppliers and limited spare refining capacity have reduced refined-diesel availability and pushed U.S. pump prices higher.
• Higher diesel costs are already increasing expenses for trucking, ports, rail and farm operations and could raise food and home-heating bills for households.
• Economists and banks warn the shock could deepen inflation and raise the national bill for consumers by tens of billions, with forecasts that averages could approach $7 per gallon and exceed $8 in high-cost states if tensions persist.