U.S. Diesel Prices on Track for Record Year

U.S. diesel fuel prices have surged above the previous weekly record set in 2022, with the annual average for 2026 now within reach. Gasoline prices, although elevated, seem unlikely to set a new annual record. The latest data shows on-highway diesel jumping 36.8 cents to $5.967 per gallon nationally, surpassing the previous weekly high of $5.810 set in June 2022.

Regular gasoline rose 8.6 cents to $4.157 per gallon, still below its June 2022 peak of $5.006. Diesel is more hidden from public awareness but crucial for trucking, agriculture, construction, and other commercial activities. When diesel prices remain unusually high, the economic impact ripples through various sectors. The U.S. Energy Information Administration (EIA) recorded the diesel record of $4.989 per gallon in 2022, alongside a gasoline record of $3.951 per gallon.

Based on EIA's weekly price observations through September 7, the current year-to-date average for diesel is about $4.895 per gallon, while regular gasoline stands at $3.772 per gallon. To surpass the 2022 record, diesel would need to average approximately $5.20 per gallon over the remaining weeks of the year. Gasoline would need to average about $4.35 per gallon.

The EIA data strengthens the case for a diesel record, suggesting that even if September 7 prices remained unchanged, diesel could still finish 2026 at around $5.22 per gallon, comfortably above the 2022 record. Gasoline, however, would finish at around $3.89, still below its record.