US Diesel Hits Record $6.05 a Gallon — SkimNews
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- US diesel prices hit a record $6.05 per gallon on Friday, up 63% from a year ago ($3.71) and nearly 14% from last month's $5.32, according to AAA.
- Ukraine attacked Russian oil infrastructure this week, hitting a refinery in Siberia and causing fuel shortages in Russia, with the broader conflict approaching its fifth year.
- Russia retaliated by launching similar attacks on Ukrainian urban gas stations.
- Strait of Hormuz traffic, which carries 20% of the world's oil supply, has been significantly restricted to commercial traffic amid the ongoing Middle East conflict.
- US forces destroyed five Iranian oil tankers earlier this week, and Iran struck back Wednesday by attacking 10 ships near the strait — two US vessels and eight oil tankers — plus striking a US base in Jordan.
- Diesel's role in freight means the price spike is expected to push up costs of everyday goods, since commercial delivery trucks rely on the fuel for shipping.
Why it matters: Diesel powers commercial trucking and shipping, so a 63% year-over-year price surge flows directly into retail costs for goods Americans buy. With the Strait of Hormuz restricted and active US-Iran naval exchanges underway, consumers and freight-heavy industries face rising costs with no quick supply relief valve.
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