- Diesel fuel is currently $6.45 per gallon on average nationwide – just off a record of $6.53 set last week
- Average gas prices climbed nearly 5 cents in the past week, according to AAA
Diesel fuel costs remain high, but prices have dropped a few cents from last week’s record. AAA reports the average cost of diesel nationwide currently stands at $6.45 per gallon, an 84-cent increase in just 30 days. The fuel, used extensively in commercial trucks and shipping, hit a record high last week, reaching $6.53 a gallon on Sept. 22.
Related: Everything You Need to Know About Fuel Economy and Gas Prices
Other fuel prices haven’t escaped price increases at the pump. Regular gasoline is selling at an average of $4.48 per gallon, AAA reports. The nation’s lowest price is $3.88 in Indiana, while the highest priced state is California at $6.37. Last year, the average price of regular gas was $3.13 per gallon.
The cost of diesel fuel has a direct correlation to the price of most consumer goods. This is because a majority of the semi-trucks and trains that bring those products to the store rely on diesel. Increased costs eventually trickle down to the end-user.
According to the Associated Press, “Shoppers may feel more and more sticker shock, particularly in the grocery aisle. Perishable foods, like meat and produce, face one of the most immediate strains of expensive diesel because they need to be hauled in and restocked frequently — or may be harvested using farm equipment powered by the fuel.”
Why Diesel Prices Won’t Budge
- Diesel fuel is used worldwide
- Straight of Hormuz closure
Global economic conditions impact the cost of crude oil, which is used to produce petroleum products such as diesel. A combination of Russian refinery issues, near-maximum U.S. refinery utilization, and the closure of the Strait of Hormuz due to the war in Iran are impacting gas prices domestically and globally.
Consumers can expect fuel prices to remain unsettled, according to analysts. “The broader geopolitical situation remains fluid and could push prices in either direction with little warning,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
