Average diesel prices in the United States have struck a record high of just under $6.27 a gallon, the motorists’ association AAA says, pressuring President Donald Trump ahead of midterm congressional elections, according to AFP.
The price of the fuel used largely in road hauling, agriculture and construction hit $6.2694, according to the association, as the Middle East war tightens supplies and Ukraine strikes Russian refineries.
“The diesel and gas oil markets remain extremely tight,” Arne Lohmann Rasmussen, chief analyst at Global Risk Management, said in a client note.
“A halt to Ukrainian attacks on Russian refineries would help the diesel balance, but the shortage of refined products from the Middle East matters far more,” he said.
“Diesel and gasoil prices and cracks only really surged after the start of the war with Iran,” Rasmussen added, referring to “crack spreads” — the price difference between crude oil and refined products.
