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US diesel prices hit record highs, rising nearly 60% YoY amid global refinery disruptions.

Market News
04 Sep 2026
CNBC
View Source
Bearish
US diesel prices hit record highs, rising nearly 60% YoY amid global refinery disruptions.

Diesel prices in the US have surged to an average of $5.85 per gallon, a nearly 60% increase from $3.71 last year, with California prices reaching $7.70 per gallon. This spike is driven by refinery shutdowns caused by conflicts in Ukraine and the Middle East, including Russia's diesel export ban and attacks on regional energy infrastructure. Diesel is crucial to the economy, affecting transportation, agriculture, and industry, so higher prices are fueling inflation concerns. The ongoing supply disruptions could keep diesel prices elevated, impacting costs for goods and services delivered by truck and rail.

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