US average diesel price passes US$6 a gallon for the first time, GasBuddy says
NEW YORK: The US national average price of diesel on Thursday surpassed US$6 a gallon for the first time ever, according to price tracker GasBuddy, as the US-Israeli war on Iran and Ukrainian attacks on Russia’s refineries have squeezed supply.
For the first time in history, the US average diesel price soared past US$6 per gallon on Thursday, according to GasBuddy's tracking data. This escalation is attributed to the ongoing conflict between the US and Iran, as well as Ukrainian attacks on Russian refineries, which have severely limited diesel supply. Diesel fuels essential industries such as trucks, trains, ships, and heavy equipment, making it crucial for global supply chains and essential services like farming.
The surge in fuel costs is contributing to inflationary pressures, creating a political challenge for President Donald Trump and Republican lawmakers as they face midterm elections. Crude oil prices, the primary driver of fuel costs, have jumped above US$100 per barrel due to the intensifying US-Iran conflict. Analysts predict that the record-high diesel prices will intensify inflationary pressures throughout the supply chain, affecting everything from cargo shipments to grocery runs.
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