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Updated · Bloomberg · Aug 12US Gas Hits $4 and Diesel $5.40 in August, Setting Record Seasonal Highs
3 articles · Updated · Bloomberg · Aug 12Summary
- $4 a gallon for gasoline and $5.40 for diesel marked the highest US prices ever recorded for the second week of August, according to AAA data.
- Peak driving season is helping keep fuel costs elevated as millions of Americans take to the road for vacations and family visits.
- The milestone means drivers are paying more for both major road fuels later in the summer than at any comparable point on record.
Insights
With domestic oil production at record highs, what hidden global forces are secretly draining America's fuel supply this summer? Could skyrocketing diesel costs and airline collapses trigger a devastating wave of inflation for everyday consumer goods this fall? As emergency oil reserves hit a 43-year low, how vulnerable is the US economy to the next sudden global supply shock?