US Diesel Prices Soar to Record High Amid Global Tensions
US diesel prices have hit a record high of $6 per gallon, up 63% from the same period last year. This surge in diesel prices is driven by rising global crude oil prices, which have increased amid tensions involving Iran and Ukraine.
The nationwide average price of diesel now stands at $6.0556 per gallon, according to data from the American Automobile Association (AAA). Diesel prices are even higher in California, where they reach as high as $7.98 per gallon.
'Diesel is the real lifeblood of the economy,' said Bob McNally, president of Rapidan Energy, adding that higher diesel prices will be passed on to consumers through rising food and other consumer goods prices.
Patrick De Haan, head of petroleum analysis at GasBuddy, warned that diesel prices at these levels would be a 'silent killer' for the economy. He noted that Americans are now spending about $700 million more per day on gasoline and diesel than they were a year ago.