Trump Is Looking for Diesel in All the Wrong Places
A Russia-Ukraine cease-fire isn’t guaranteed to get prices down.
The price of diesel in the United States has reached a record high of $6.27 per gallon, nearly double its February level. The escalation is attributed to the Iran war, while Donald Trump attempts to divert attention to Ukraine's actions against Russian oil refineries. However, diesel prices are primarily influenced by Middle Eastern crude, which is crucial for diesel production due to its characteristics.
The Iran Strait of Hormuz has been largely closed since February, causing a shortage of crude oil. Additionally, numerous refineries in the region have been damaged, further exacerbating the supply issue. As the conflict in Eastern Europe remains unresolved, it is just one of several factors contributing to the surge in diesel prices.
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