US Diesel Prices Hit Record High Amid Global Supply Disruptions
Diesel prices in the US have hit a record national average of $6.51 per gallon, marking a 3.9% increase from July to August and more than a 73% surge since the Iran war began.
The rising cost of diesel fuel has far-reaching implications beyond the trucking industry, as it is used by diesel-powered trucks that transport food and goods nationwide, as well as fuel farm and construction equipment.
President Trump attributed the record prices partly to Ukrainian attacks on Russian refineries disrupting global diesel supplies, although the Iran war is also affecting fuel markets. A report from the San Francisco Federal Reserve Bank found that rising gas prices tend to push household inflation expectations higher, while falling prices have relatively little effect.