Record diesel prices will push up grocery bills as trucks and farms pay 63% more
US diesel prices reached $6 per gallon for the first time, driven by supply cuts from the Ukraine and Iran conflicts.
The national average hit $6.0556 per gallon on Friday, with California paying $7.98. Truckers and farmers are paying about 63% more than a year ago to fill their tanks.
Crude oil futures topped $100 a barrel for the first time since May after escalating US-Iran fighting. Ukraine's strikes on Russian refineries, Iranian attacks on Gulf refinery assets, and tanker constraints through the Strait of Hormuz have cut global diesel supply by nearly 8%.
Diesel powers the trucks, trains and ships that bring food and goods to market. Higher fuel costs flow straight to consumers in what they pay for groceries, goods and energy.
- $6.0556 per gallon
- National average diesel price
- $7.9827 per gallon
- California diesel price
- 63%
- Year-over-year increase
- $100 per barrel
- Crude oil futures peak
Why it mattersDiesel is the economy's lifeblood; record prices at this level act as a silent brake on growth and hit household budgets through food and product costs.
AustraliaAustralia imports refined fuel and tracks global oil prices closely. Rising US diesel foreshadows pressure on local fuel costs and retail prices as supply tightens worldwide.
✓ Claims checked against the source. checked 9 h ago
