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Some gas stations "out of diesel" as prices surge
Yahoo • • business
Key Points:
- Photos circulating on social media show some U.S. gas stations running out of diesel amid record-high fuel prices, but industry data from GasBuddy indicates no widespread or national diesel shortages at this time.
- Diesel supply is tightening due to disruptions caused by the ongoing U.S.-Israel war in Iran, which has reduced shipping through the critical Strait of Hormuz and led to decreased global diesel exports, including cuts from Russia.
- Diesel prices have surged 68% over the past year, reaching a national average of $6.285 per gallon as of mid-September, with California experiencing the highest prices at over $8 per gallon.
- Despite price hikes and supply chain challenges, experts caution against panic, noting that localized shortages can occur due to delivery delays or high demand, but overall supply remains stable.
- U.S. lawmakers are considering diesel export restrictions to ease domestic prices, though officials warn such measures may provoke retaliatory actions from other countries and may not effectively lower costs.
