Diesel prices surpass $6 average for first time in history

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The average price of diesel jumped over the $6 mark for the first time ever on Friday, setting the stage for broad price hikes in the United States.

The national average hit $6.06 per gallon, surpassing the high watermark of $5.82 set in June 2022, AAA reported.

The global supply chain's reliance on diesel fuel means rising prices are likely to raise costs in many other areas, including at the grocery store.

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The average price of diesel jumped over the $6 mark for the first time ever on Friday, setting the stage for broad price hikes in the United States. The national average hit $6.06 per gallon, surpassing the high watermark of $5.82 set in June 2022, AAA reported. The global supply chain's reliance on diesel fuel means rising prices are likely to raise costs in many other areas, including at the grocery store.

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Diesel prices are up by 55 percent since the United States and Israel launched strikes on Iran in February.
It is on pace to record the largest annual percentage increase of all time this year.
The war in Iran, coupled with the war between Russia and Ukraine, has created the global fuel market to lose about 8 percent of its diesel supply.
"Refiners have already been maximizing the production of diesel," Andy Lipow, president of Lipow Oil Associates, told CNN.
"We simply can't get any more diesel out of the system." Meanwhile, the price of gasoline has risen by 40 percent, reaching $4.29 per gallon for regular grade gas on Friday.

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