Commodities
US Diesel Price Hits Record High as Global Fuel Shortages Deepen
The average price of diesel in the United States reached a record high of $6.50 per gallon over the weekend, driven by global fuel shortages that are affecting economies worldwide.
The national average diesel price jumped from $6 to $6.5050 per gallon in just two weeks, with the international Brent oil benchmark remaining at $100 per barrel and Middle Eastern and Russian fuel supplies constrained.
This surge has also led to a rise in U.S. gasoline prices, which are now averaging $4.4761 per gallon, up from $4.1044 a month ago and $3.1894 per gallon this time last year.
The price spikes could influence voter behavior ahead of the mid-term elections in early November and worsen inflation outlooks, potentially slowing down the economy.