Diesel Hits Record High of $6.43 Amid Geopolitical Tensions
US diesel has reached a record $6.43 per gallon, while regular gas has spiked to $4.47, driving a projected 31% surge in winter heating bills. With crude oil holding above $100, these fuel costs are threatening to further exacerbate inflation, prompting the Federal Reserve to raise interest rates to prevent broad economic price increases.
According to data from GN auto markets/energy, regular gasoline has also climbed to $4.47 per gallon, marking a $1.53 increase since the start of the conflict with Iran. This rise in pump prices is compounding the existing pressure on consumer budgets already strained by record-high diesel costs.
Source: GN auto markets/energy: crude oil pricesBrent crude is currently trading near $103 per barrel and WTI is hovering around $102, both remaining above the $100 mark despite slight intraday dips. These elevated benchmarks are fueling fears that heating oil costs could surge by over 31% this winter, according to the National Energy Assistance Directors Association.
Source: 6abc.comUS diesel prices reached a historic peak of $6.43 per gallon on Friday, driven by supply disruptions in the Strait of Hormuz and ongoing conflicts in Eastern Europe.
Source: ABC7 Bay Area
