Diesel prices hit a record high of $6.43 per gallon as of Friday, according to GasBuddy, and the drivers paying it have two wars to blame.
The average price for a gallon of diesel was still hovering around a record-high of $6.43 as of Friday morning, according to the latest data published by GasBuddy.
Strait of Hormuz disruption
There is a disruption through the Strait of Hormuz. The source does not specify what kind of trouble it is or how severe it is. It is worth noting that the strait is a narrow waterway used for oil shipments, and any disruption there can ripple through global fuel supplies.
The Russia-Ukraine war’s role
The ongoing conflict between Russia and Ukraine is adding pressure to diesel costs. Those effects now appear to be spreading to diesel.
What the record means
At $6.43 a gallon, diesel has reached its highest recorded level, according to GasBuddy’s figures.
How the two pressures compare
- Strait of Hormuz disruption: affects a narrow waterway used for oil shipments.
- Russia-Ukraine war: adds pressure to diesel costs.
The cost of driving
For trucking companies, the record price means thinner margins. For drivers who fill up regularly, it means paying more at every stop.
What happens next
GasBuddy describes the situation as developing. Prices could move in either direction depending on how the Strait of Hormuz situation plays out and whether the Russia-Ukraine war eases.
The bottom line
Diesel is at a record high, and the two wars driving it show no signs of ending soon. The record price is a marker of how much global conflict now costs the driver filling up at the pump.
Prices could ease if the Strait of Hormuz disruption ends or if the Russia-Ukraine war calms. Until then, drivers are paying a price that has not been recorded before.
Source material: “Diesel prices at record highs amid Strait of Hormuz disruption, Russia-Ukraine war,” ABC News.
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