Diesel Prices Hit Record High as US Inflation Concerns Mount
US diesel prices have reached an all-time high of $6 per gallon, surpassing previous records and posing a significant burden on President Donald Trump and the Republican Party ahead of the November midterm elections.
The nationwide average diesel price in the US has risen by 61% since late February when the Iran war began, according to data from GasBuddy. This sharp increase is attributed to international oil prices rising amid the conflict and Ukraine's attacks on Russian refineries, as well as a shortage in diesel supply.
Diesel inventories in the US are also at a 13% deficit compared to the recent five-year average, according to the Energy Information Administration (EIA). The crack spread has hit a record high of $112.17 per barrel, indicating that prices of petroleum products have risen faster than crude due to supply shortages.
Patrick De Haan, a GasBuddy analyst, warned that 'all trucking and delivery, parcel and courier services, and grocery shopping will incur more expense' due to record-high diesel prices.