U.S. Diesel Prices Hit All-Time High as Global Fuel Squeeze Deepens
The average U.S. diesel price hit a record high late on Thursday, exceeding the previous record from 2022, as the Middle East crisis tightened global fuel markets and sent prices soaring this summer. As of Thursday afternoon, the live U.S. national average price of diesel set a new record at $5.820 per gallon, according to GasBuddy data. This average price has now surpassed the previous daily…
U.S. diesel prices have reached an all-time high, with the national average soaring to $5.820 per gallon, surpassing the previous record set in 2022. This record-high diesel price is largely attributed to the Middle East crisis and the resulting global fuel market tightening, as well as rising seasonal demand for harvest and holiday seasons.
The situation is further exacerbated by the re-escalation of conflicts in the Middle East and Russia's ban on diesel exports, which has led to record highs in middle distillate cracks. The high diesel prices pose a significant concern for the U.S. economy and the Federal Reserve's interest rate path, as diesel is a crucial component for economic growth and inflation in the price of goods.
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