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The price of diesel hits a record high
Confirmed
In Short: The price of diesel in the United States has reached a new record high, hitting $5.85 per gallon, according to the American Automobile Association (AAA). This surpasses the previous peak recorded in June 2022, following
The price of diesel in the United States has reached a new record high, hitting $5.85 per gallon, according to the American Automobile Association (AAA). This surpasses the previous peak recorded in June 2022, following Russia's invasion of Ukraine. Labor Day weekend travelers are facing the highest gas prices ever for this time of year, AAA reported.
The rise in diesel prices is attributed to the high cost of crude oil, despite typical decreases in gasoline demand during this period. Susan Bell, senior vice president of downstream research at Rystad Energy, noted that consumers will see higher diesel prices in the goods they purchase.
Diesel prices began their monthslong rise in late February, coinciding with the start of the Iran war and the subsequent surge in oil prices. Since the beginning of the Iran conflict, higher gas and diesel prices have cost Americans more than $741 per household, according to a tracker from Brown University.
Democratic Sen. Mark Kelly of Arizona highlighted the impact of the Iran war on diesel prices, stating, 'Diesel prices have skyrocketed since Trump started his war with Iran.' This trend has continued, with the average price for diesel reaching a new record of $5.85 as of September 4, surpassing the prior high of $5.8159 set in June 2022.
What's confirmed
What's still developing
- About 90% of the nation's 500,000 school buses run on diesel, and the rising price has stretched district budgets as the school year begins.
- The price is normally higher around the fall, ahead of the harvest season, when it's needed to power agricultural equipment — 75% of which runs on diesel, according to the Engine Technology Forum.