U.S. Diesel Hits $5.62 a Gallon as Iran War Disruptions Squeeze Fuel Supplies
Updated
Updated · The New York Times · Aug 26
U.S. Diesel Hits $5.62 a Gallon as Iran War Disruptions Squeeze Fuel Supplies
3 articles · Updated · The New York Times · Aug 26
Summary
$5.62 a gallon — the U.S. average diesel price on Wednesday — left fuel costs 53% above a year earlier and near the 2022 record of $5.82.
Supply disruptions after the United States and Israel went to war with Iran drove the surge in a fuel that powers trucks, trains, farms and heavy machinery.
Iowa farmer Randy Madden said he expects to spend more than $40,000 on fuel for harvest season, roughly double his usual late-summer through year-end bill.
Because diesel is a core business fuel rather than mainly a consumer driving fuel, the jump is likely to raise the cost of transporting goods and running equipment across the economy.