U.S. Diesel Prices Surpass $6 for the First Time, Adding Inflation Pressure Ahead of November Midterm Elections

[Financial News] U.S. diesel prices surpassed $6 per gallon, setting a new record. The increase is attributed to higher international oil prices and supply disruptions stemming from the war with Iran and Ukraine’s attacks on Russian refineries.
GasBuddy said on the 10th local time that the national average diesel price had surpassed $6 per gallon for the first time. After rising to $5.87 per gallon on the 3rd—exceeding the previous record of $5.82 set in 2022—the price climbed to $5.90 on the 9th. It has thus set new all-time highs twice this month alone.
Brent crude oil settled at $107.63 per barrel, while West Texas Intermediate crude oil (WTI) closed at $102.48, with both reaching their highest levels since mid-May.
According to the U.S. Energy Information Administration (EIA), diesel inventories stood at 106.3 million barrels, 13% below the five-year average. The crack spread, which indicates refining margins, also set a new record at $112.17 per barrel.
Gasoline, the most widely used petroleum product, also remained strong. According to the American Automobile Association (AAA), the national average gasoline price was around $4.20 per gallon, up 32% from $3.19 a year earlier.
Donald Trump and the Republican Party are concerned that the surge in fuel prices could become a setback ahead of the November midterm elections by adding to rising living costs and increasing inflationary pressure.
GasBuddy analyst Patrick De Haan said, "Every truck, delivery, package and parcel, and grocery trip has become more expensive," adding, "Diesel prices at record levels are highly likely to reignite inflation across the entire supply chain."
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