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Diesel and gas prices are spiking and hitting record levels. Experts say it’s going to get worse
The Independent • • business
Key Points:
- Diesel prices in the U.S. reached a record high of $6.40 per gallon, up 73% from a year ago, while regular gasoline rose to $4.44 per gallon, nearing last year's peak of $5.02.
- The surge in fuel costs is attributed to President Trump's ongoing conflict with Iran, which has disrupted global oil supplies, including the closure of the Strait of Hormuz and attacks on Saudi oil infrastructure.
- Analysts predict further significant increases in fuel prices, especially in certain U.S. regions, with some forecasting diesel could reach $6.65 per gallon by the midterm elections on November 3.
- Diesel is vital to the U.S. economy as it powers transportation for consumer goods, and rising fuel costs are expected to increase retail food prices by 2 to 4 percent due to higher transportation expenses.
- Political reactions are mixed; Trump defends the price hikes as necessary for the conflict with Iran, while critics like former Rep. Marjorie Taylor Greene blame his policies for the soaring fuel costs.
