'Silent killer for the economy': US diesel hits record $6 a gallon
US diesel prices have reached a record high of $6 per gallon, driven by global supply disruptions and geopolitical tensions. Experts warn that these costs will likely increase consumer prices for food and other essential goods.
Why it matters
Rising fuel costs act as a significant inflationary pressure on the broader economy and may influence voter sentiment in upcoming elections.
U.S. diesel prices hit a record high, reaching $6 a gallon, or about 4.8 shekels per liter, in a development that could complicate matters for Republicans ahead of the November midterm elections, CNBC reported. The surge comes amid rising global crude oil prices driven by the wars involving Iran and Ukraine. According to data from the American Automobile Association, or AAA, diesel prices are up 63% from the same period last year. The nationwide average price of diesel, used mainly by trucks, ships and agricultural equipment, now stands at $6.0556 a gallon. Prices are even higher in California, the state with the largest agricultural industry in the United States, where diesel is selling for $7.98 a gallon. Diesel prices have risen alongside a surge in crude oil prices following escalating tensions between the United States and Iran.
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