US diesel prices hit a record high of $5.85 on average
US diesel prices have reached a record average of $5.85 per gallon due to ongoing geopolitical conflicts disrupting fuel supplies. The rising costs are expected to increase prices for consumer goods and create economic challenges ahead of the midterm elections.
Why it matters
High diesel prices act as a tax on the entire supply chain, directly impacting the cost of living and inflation for essential goods.
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CHICAGO (AP) — Diesel hit a new record price in the U.S. on Friday, soaring to an average of $5.85 a gallon for the first time ever as the six-month war with Iran disrupts the world’s flow of fuel.
Because diesel is used for many freight and delivery networks, higher diesel prices mean higher transportation costs for a long list of everyday goods.
This could add to Republicans’ political challenges ahead of November’s midterm elections, with voters already sour on President Donald Trump’s management of the economy. AP-NORC polling this summer showed two out of three U.S. adults disapproved of how Trump is handling the economy.
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6 other newsrooms covered this event. We read each version separately.
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