Diesel Prices Hit Record Highs as Crude Oil Costs Soar

Diesel prices have hit record highs in Texas and nationwide, according to data from AAA. The national average price of diesel reached $6.1602 a gallon on Friday, while the Texas average hit $5.7727 per gallon.

Compared to last year, diesel prices are up 66% nationally and 79% in Texas. Regular unleaded gas prices have also increased, but remain below their all-time highs. The national average price of regular unleaded gas is $4.3104 per gallon, while the Texas average is $3.8549.

The sharp increase in diesel prices can be attributed to a jump in crude oil prices. West Texas Intermediate crude rose 6.5% to $103.57 a barrel on September 10, according to U.S. Energy Information Administration data. This was the first time crude has traded above $100 a barrel since July.

AAA attributed the spike in diesel prices to volatility in the Strait of Hormuz, which is unusual for this time of year when gas demand typically falls.