Diesel hits $6 a gallon for the first time as war and refinery strikes squeeze global supply
Diesel prices in U.S. top $6 a gallon for first time
The U.S. national average for diesel topped $6.05 a gallon on Friday, up more than 60% from a year ago, driven by the war in Iran and Ukrainian drone strikes on Russian refineries. Gasoline also climbed to $4.29. Economists warn that businesses have so far absorbed the costs, but consumers will soon feel the pinch through higher prices for groceries, furniture, and more.
There's just not enough diesel right now in Russia to export any volume of it, and that's unfortunately a big problem for a global economy that sees almost every piece of heavy machinery needing diesel.
- softwaredoug
It seems one way Iran fights the US asymmetrically is by harming the Federal financial picture with endlessly higher rates + borrowing costs. If this keeps happening month-after-month, year-after-year, we're really going to feel the squeeze.
Treasury has already tried to reassure markets and failed
Add to this other trade war nonsense...
- Merkur
$6 a gallon is about €1.36 a litre - thats cheap compared to a European average of €2 per litre.
Still that makes very clear why Venezuela had to happen before Iran.
- WarmWash
If oil starts ruining the financial picture on top of just the...global welfare of every living human picture, then maybe, just maybe people will actually give up their addiction.
- 29348915
Remember, the grandiose leader said the Iran special military operation will be over after the midterm elections. Unfortunately he meant the 2034 midterms.
- t1234s
In the late 90's/ early 2000 Diesel was about the same cost as regular gas and then at some point its about the same cost as premium gas.
Is there any reason why Diesel costs more? I was always under the impression that it was a less-refined fuel therefore cheaper.
- randusername
Lately I've been making a conscious effort to flip my coordinate system around on inflation.
Instead of tracking cost increases of fuel, I try to conceptualize prices for all things in equivalent fuel or metered energy.
The fed can overlook energy and food in their "preferred metric of inflation", but that's 90% of what I care about as an individual. Very interesting to track your purchasing power in MWh
- throw0101d
A possibly useful list for comparison:
- sockbot
Is this a new high water mark for inflation adjusted prices?
I am not interested in nominal new highs.