Surging fuel cost puts additional cost pressure on manufacturing and retail.
The U.S. average price for diesel Friday reached a new all-time high of $5.85 a gallon — up nearly 60 percent from a year ago, according to AAA.
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Diesel is the main fuel source for tractor-trailers distributing goods and food nationwide. The record price puts additional cost pressure on manufacturers and retailers.
Regular gas prices stood at $4.18 a gallon nationwide Friday, AAA said. That’s up 30 percent from a year ago but still below the record of $5.01 a gallon set in June 2022 — spurred by Russia’s invasion of Ukraine that year.
Still, gas prices have never been this high so late in the year. The price has been running hot, often above $4 a gallon, since President Donald Trump launched the war against Iran at the end of February. AAA said gas prices in August were the highest ever for that month.
The divergence between diesel and gasoline prices is caused by several factors, experts say.
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Gasoline prices typically drift downward as summertime demand drops off.
Diesel prices have been pushed up by refinery problems in Russia and conflicts in the Middle East, according to a report from energy market intelligence firm RBN Energy.
At the same time, U.S. refiners are exporting more diesel as the worldwide price has risen. That’s limited the domestic diesel supply.
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