Diesel Prices Surge to Record High
U.S. diesel prices reached a record national average of $5.85 per gallon on Friday, according to the latest data from the American Automobile Association. The new high surpassed the previous record set in June 2022.
Diesel Sets New National Record
AAA reported that the average diesel price rose from approximately $5.78 per gallon on Thursday to $5.85 on Friday. The increase pushed prices above the previous peak of about $5.81 per gallon, recorded in June 2022.
Diesel prices have increased by roughly 55% since late February, when an oil-market shock tied to the conflict involving Iran disrupted global energy supplies, according to AAA data.
Global Supply Disruptions Add Pressure
Reports cited disruptions involving the Strait of Hormuz, a major energy transit route, as well as attacks on Russian refineries by Ukraine. Those developments have added pressure to global oil and refined-fuel supplies.
The record-setting price is expected to affect trucking fleets, freight transportation costs and other businesses that rely heavily on diesel fuel. With the national average approaching $6 per gallon, fuel expenses remain a significant factor across the supply chain.
