- Diesel prices rose over 38% in just one month nationwide.
- The national average now exceeds $5 per gallon for diesel.
- Gas prices also climbed more than 31% month-over-month.
The war in Iran continues with ships and oil fields coming under attack. These latest developments will likely only deepen concern about soaring energy prices.
That’s bad news as the average price of a gallon of diesel is now $5.068. That’s up from $3.670 a month ago, which represents an increase of over 38%.
More: Global Oil Shock Triggers The Largest Ever Strategic Reserve Release As Gas Prices Surge
That’s a huge swing in a short amount of time and NBC News reports the last time diesel cost more than $5 per gallon was in December of 2022. That being said, prices are still well below their all-time high of $5.816, which was recorded on June 19, 2022.
Unfortunately, the increased costs will likely be passed onto consumers and they’re in for a rude awakening as diesel is the lifeblood of the economy. Diesel engines power tractors, construction equipment, ships, semis, and locomotives. As a result, virtually everything that’s shipped, grown, or harvested relies – in part – on diesel.
The outlet spoke to an investment strategist who said “diesel inflation is usually not dramatic at first.” However, “Over a few weeks it shows up everywhere in grocery receipts, delivery surcharges, travel costs, and weaker spending power.”
Gas Prices Climbing As Well
Diesel isn’t the only thing getting more expensive as the average price of a gallon of gasoline is now $3.842. That’s up from $2.923 a month ago, which equates to an increase of over 31%.
However, prices vary by location and Californians are paying an average of $5.561 per gallon. In Kansas, the same amount of fuel would cost you just $3.231.
While averages are one thing, individual locations can sell gas for far more. California’s San Luis Obispo Tribune found one remote location selling gas for $7.69 for a gallon. Another station was reportedly charging $6.79 as of Monday.
Elsewhere in California, a Shell station in San Francisco is reportedly selling regular unleaded for $6.60 per gallon, while diesel costs $6.90. Over in Truckee, multiple stations are listed as having gas for $6.79 as of yesterday.
