$9.999 and maxed out: California diesel prices overwhelm pump displays as global supply crunch worsens

California diesel prices have skyrocketed, reaching a maximum display price of $9.999 per gallon. The California fuel tracking company GasBuddy confirmed that a few stations in San Diego's Serra Mesa area were showing this price on Wednesday. Patrick De Haan, GasBuddy's head of petroleum analysis, cautioned that some pumps might simply be out of fuel.

However, several stations across the state are charging well above $9 per gallon. On a national level, the U.S. average diesel price surpassed $6 per gallon for the first time ever this week, with De Haan predicting it could climb to $7 per gallon in the coming weeks. The surge in diesel prices is due to a global supply crunch, aggravated by military escalations in the Middle East and the closure of the Strait of Hormuz bottleneck.

Diesel is crucial for the global economy, particularly for trucking fleets, and its high price is adding to inflationary pressures. De Haan emphasized that diesel prices are a more serious concern than gasoline prices, as the market is facing a limited supply of diesel.