▲ A gas station in the United States
The average price of diesel in the United States has hit a record high, driven by deepening global supply shortages stemming from the war involving Iran.
According to fuel price tracking firm GasBuddy on the 3rd (local time), the nationwide average price of diesel in the U.S. was recorded at $5.820 per gallon.
This surpasses the previous record of $5.819 set on June 17, 2022, early in the outbreak of the war in Ukraine.
U.S. average diesel prices have remained consistently above $5 per gallon since July 15.
GasBuddy analyst Patrick De Haan projected that this year will be the most expensive year for diesel prices in U.S. history.
The recent surge in prices is analyzed as the result of overlapping global diesel supply disruptions.
Following the outbreak of the U.S.-Iran war in late February, supply concerns escalated, pushing U.S. diesel prices up by 55%.
In addition, refinery facilities in Russia, a major global exporter, suffered heavy damage from Ukrainian drone attacks, and Russia's ban on exports until September 30 have further fueled the supply crunch.
Markets warn that upward pressure on prices could intensify further due to seasonal demand increases.
Experts forecast that supply and demand difficulties could worsen as the harvest season for farms in the Northern Hemisphere overlaps with the planting preparation period in the Southern Hemisphere, coupled with rising demand for heating oil ahead of winter.
Experts warn that rising diesel prices affect trucking, agriculture, and industrial activities overall, raising transportation and production costs and ultimately leading to overall inflation.
(Photo: Getty Images)
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