$5.85 per gallon: US diesel prices reach record high amid Iran-Israel war
The average cost for one gallon of diesel in the United States has reached $5.85, breaking previous records set during the conflict with Russia over Ukraine.
Commercial drivers in the United States are facing fuel costs at unprecedented levels. The average price for one gallon of diesel is currently $5.85. This figure represents a significant increase compared to an average of $3.71 per gallon recorded a year ago. These prices also surpass the previous record established following Russia's full-scale invasion of Ukraine. Fuel costs have surged since the conflict between Iran and Israel began at the end of February, driven by increased wholesale oil prices. Diesel remains primarily used in the United States for commercial vehicles, including trucks, trains, boats, buses, farming equipment, and construction machinery. In response to these escalating expenses, former President Donald Trump recently pledged to substantially lower gas prices for all Americans through a new oil deal with Venezuela. The current agreement, announced on Saturday, outlines plans to develop seventeen strategic oil fields in Venezuela that possess a proven potential of 65 billion barrels. The accord also involves an investment exceeding $100bn and more than $209bn in taxes. However, US officials stated the government will retain 55% control of the resulting joint venture with an experienced private operator in Venezuela.
