US Diesel Prices Hit Record High Amid Iran War, Supply Disruptions
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The Story
Americans face record-high gasoline prices for Labor Day weekend, with the national average gasoline price expected to hit $4.03, surpassing the 2012 record of $3.83 per gallon, according to GasBuddy analyst Patrick De Haan. The national average price of gasoline stood at around $4.13 per gallon on Thursday, up nearly a dollar from last year's average. U.S. retail diesel prices hit a new record high of $5.85 per gallon on Friday. This surpasses the previous national record of roughly $5.81 per gallon set in June 2022. California's average diesel price climbed to about $7.71 per gallon, according to AAA. The increase in diesel prices coincides with the six-month war with Iran and disruptions to global refining capacity and energy supplies. Brent crude, the international oil benchmark, traded around $96 per barrel on Friday. Higher diesel prices can raise the cost of transporting goods and operating businesses, as most products consumed in the U.S. are transported by trucks and trains with diesel engines. Farm owner Jay Mahil of Creekside Farming in Madera reported his fuel costs are up 40% from last year. Greg Dubuque, general manager for a trucking fleet based out of Montebello, noted the cost to fill his trucks in California increased from around $1,200 in April to $1,800. Executive director of the Port of Los Angeles, Gene Seroka, stated that more than two-thirds of cargo moving through the port is carried by trucks, and over 50% of the 1,200 trucking companies doing business there are struggling with prices. Vice President JD Vance would not say Thursday when America's involvement in the Iran conflict would end. President Donald Trump pledged to lower energy costs and criticized refiners and fuel retailers for profiting from elevated pump prices. White House spokeswoman Taylor Rogers stated President Trump remains committed to unleashing American energy dominance, cutting costs, and putting more money back in the pockets of American families. Rogers added that as the U.S. maintains full control of the Strait of Hormuz, oil and gas prices will fall back to pre-conflict levels.
The Spread
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What they agree on
- U.S. retail diesel prices hit a record high of $5.85 per gallon on Friday.
- The increase in diesel prices is linked to the ongoing war with Iran and disruptions to global energy supplies.
- Higher diesel prices are impacting transportation costs and businesses across various industries.
- Gasoline prices also increased, with the national average reaching around $4.13-$4.15 per gallon.
- The previous record for national average diesel prices was set in June 2022.
Where they split
- The Wall Street Journal and The Japan News focus on the record high U.S. retail diesel prices and their impact on transportation costs.
- CNBC's coverage leads with record-high Labor Day Weekend gasoline prices, while other outlets like The Washington Post and The Daily Caller lead with diesel prices.
- Fox Business includes a statement from White House spokeswoman Taylor Rogers regarding President Trump's commitment to lowering energy costs, a detail not present in other major U.S. outlets.
- The Daily Beast and The Hill frame the record diesel prices as a political issue for President Trump, linking it to his administration's actions regarding Iran.
Source Perspectives
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