US Diesel Prices Hit Record $6.50 as Midterm Elections Loom
U.S. diesel prices have reached an all-time high of $6.50 per gallon, surpassing previous records set in June 2022 following the outbreak of the war in Ukraine.
This milestone comes as a result of disruptions in petroleum product production at refineries worldwide due to restricted crude oil supply and demand from the Middle East through the Strait of Hormuz, combined with Russian authorities' ban on diesel exports after bombings on their refineries.
The national average retail price for diesel has surged by about 70% since February 28, when the Iran war began, and has risen 87 cents per gallon this month alone. Bloomberg forecasts that this rise in diesel prices could erode support for the Republican Party in agricultural regions like Iowa as well as states heavily dependent on heating oil.