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US diesel prices soar past $6 a gallon, deepening strain for hauling everyday goods
ABC News - Breaking News, Latest News and Videos • • business
Key Points:
- U.S. diesel prices reached a record average of $6.05 per gallon, driven by escalating conflicts between the U.S. and Iran that disrupt global fuel supplies, with prices up from $3.70 a year ago.
- Rising diesel costs are increasing transportation expenses for goods, especially perishable foods, leading to higher grocery prices as fuel surcharges and contract repricing take effect across supply chains.
- Crude oil prices surpassed $100 per barrel amid renewed Middle East tensions and production disruptions, including Saudi Arabia’s lowest output in 30 years due to attacks and reduced Russian exports from the Ukraine war.
- Diesel remains more expensive than gasoline due to its critical role in freight and global commerce, with limited demand flexibility and broad impacts on food supply, public transit, and emergency power systems.
- Global diesel prices have surged significantly, particularly in countries heavily reliant on Middle Eastern imports, with experts warning of prolonged supply constraints and elevated prices potentially lasting beyond 2027.
