US diesel tops US$6.50 a gallon as wars worsen global fuel crunch
The pace of increases accelerated in September, with prices rising almost every day, gaining more than 87 cents and surpassing the 2022 peak.
In a surge driven by global conflicts, the cost of diesel fuel in the United States has surged past $6.50 per gallon, the highest level ever recorded. Diesel, which powers everything from trucks to home heating systems, is a vital component of the nation's economy. As of Saturday, the average price nationwide had reached $6.505 per gallon, according to the American Automobile Association. This price hike has accelerated in September, with an increase of over 87 cents so far this month alone.
The war between the United States and Iran has exacerbated the fuel shortage, with limited shipments through the Strait of Hormuz and reduced crude oil exports from the region. Russia has also banned most diesel fuel exports, and Ukrainian drone strikes continue to disrupt production at the Moscow Oil Refinery. While most American drivers do not use diesel in their personal vehicles, the fuel's widespread use across various industries makes its price rise a significant concern.
As midterm elections approach, the high diesel prices could hurt President Donald Trump's Republican Party, particularly in agricultural states like Iowa and states that rely on home-heating oil in Maine. However, inflation-adjusted prices are still below their 2022 peak, providing some relief for truck drivers and consumers despite the current inflation.
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