US Fuel Prices Soar to New Records as Oil Hits $100 Per Barrel
Oil prices have surpassed $100 per barrel, pushing fuel prices in the US to new records. The Trump Administration is downplaying the price spikes, but analysts and industry executives warn that there may be no respite before the mid-term elections in early November.
The average diesel price in the US hit a record high of $6.301 per gallon on Tuesday evening, while gasoline prices jumped to an average of $4.355 per gallon. Patrick De Haan, Head of Petroleum Analysis at GasBuddy, warned that diesel could hit $6.60/gal in a few days, surpassing the inflation-adjusted peak seen in 2022.
Chevron CEO Mike Wirth said on Friday that the market buffers have now been 'played out' and oil prices could rise further over the coming months. He acknowledged that it's difficult to envision a scenario where prices soften quickly.