Trump asks SCOTUS to OK changes to mail-in ballots. And, diesel prices hit record high

On Friday, diesel prices in the United States soared to an all-time record high of $5.85 per gallon. This spike occurred as a result of the ongoing six-month war with Iran, which is disrupting the global fuel supply. The importance of diesel lies in its usage for many freight and delivery networks, thus leading to increased transportation costs for a wide range of goods.

This causes further inflation of prices for everyday items, which could potentially impact the U.S. President Donald Trump's political standing ahead of the November midterm elections. According to a recent poll, two-thirds of U.S. adults disapproved of Trump's handling of the economy. Higher fuel costs are also increasing expenses for businesses across various sectors, some of which have already passed these costs onto consumers.

This may lead to additional fees on online orders and mail packages. The immediate impact of these price hikes can be observed in grocery stores, particularly for perishable foods like produce and meat, which require frequent transportation and restocking. Experts warn that these price hikes can continue if diesel prices remain high.

The price of regular gasoline has also been rising, though not as rapidly as diesel. Although the average price of regular gasoline is currently $4.15 per gallon, it is still far from the record of $5.02 per gallon set in June 2022. Prior to the U.S.-Iran war, the national average diesel price was around $3.76 per gallon. The recent increase in diesel prices can be attributed to the rising cost of crude oil, which is used to produce both diesel and gasoline, as well as supply chain disruptions and production cuts in the Middle East, particularly in the Strait of Hormuz.

The last time U.S. businesses and drivers experienced such high fuel prices was in June 2022, when diesel reached an average of nearly $5.82 per gallon. Adjusted for inflation, these prices are higher than they have been in the past. The food supply chain heavily relies on diesel, as it powers farm equipment, fishing boats, trains, cargo ships, and trucks that transport food to grocery stores.

Fuel costs account for 15 to 30 percent of the total cost of food, making higher diesel prices result in increased food prices. Grocery prices have already risen by 2.7 percent compared to last July, with seafood prices up by 7 percent and fresh fruit prices up by 4.9 percent.