Diesel hits $6 a gallon for the first time, fueling more inflation
Summary
The national average price for a gallon of diesel fuel has risen above $6 for the first time, reaching $6.06. This increase is making transportation and shipping more expensive, which is causing overall prices to rise and adding to inflation.Key Facts
- Diesel fuel price hit $6.0556 per gallon, a 14% increase from a month ago and over 60% higher than last year.
- Higher diesel costs are causing price increases in transportation and warehousing.
- Brown University estimates U.S. consumers have paid an extra $46 billion due to higher diesel prices since the war started.
- About 20% of the extra costs from diesel prices are from Texas and California.
- The White House expects fuel prices to fall after November’s elections as tensions with Iran ease and oil supply improves.
- The U.S. Department of Energy raised its diesel price forecast for 2027, expecting prices to stay high for a longer time.
- Rising diesel fuel costs are contributing to continued inflation for consumers and businesses.
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