Commodities
US Diesel Prices Soar to Record High as Global Refining Capacity Falters
Diesel prices in the US have reached an all-time high of $5.89 per gallon, according to U.S. Energy Secretary Chris Wright.
The secretary attributed the rise in prices to problems with global oil refining capacity and significant damage to Russian refineries, which has effectively ended Russia's status as a major diesel exporter.
Russia used to be a major supplier of diesel fuel to the global market, but due to drone attacks on its refineries, it has now become a major importer of gasoline instead.
The main problem driving up gasoline and crude oil prices is global oil refining capacity, Wright explained. If there's a shortage of refining capacity, it can drive up the price of finished fuel.