Key facts
- The U.S. national average price of diesel surpassed $6 a gallon on Thursday.
- GasBuddy analyst Patrick De Haan stated that the price increase will make "every truck, every delivery, every package, every grocery run just got more expensive."
The U.S. national average price for diesel fuel reached a record high of over $6 a gallon on Thursday, according to data from price tracker GasBuddy. This marks the first time the average price has crossed this threshold.
GasBuddy analyst Patrick De Haan noted that the surge in diesel prices will lead to increased costs for transportation, deliveries, and essential goods such as groceries. He added that record diesel prices will impact every cargo, shipment, and delivery Americans take, and are likely to reignite inflation up and down the supply chain.
The price increase comes as demand for diesel seasonally picks up and refineries enter seasonal maintenance. The situation is exacerbated by escalating conflict in the Middle East and Ukrainian drone attacks on Russian refineries, which are paralyzing a portion of global fuel supply. Global refining capacity is insufficient to cover these losses, leading to tight supply conditions.