Average diesel price in the US exceeds $6.50 per gallon — OilPrice
The average retail price of diesel fuel in the United States reached $6.5050 per gallon as of Sunday. This is a record figure, OilPrice reports, citing data from the American Automobile Association (AAA).
Sharp price rise over a month
Just two weeks ago, the average diesel price in the country exceeded the $6-per-gallon mark. A month ago, it stood at $5.5477, so fuel has risen in price by about $1 per gallon over four weeks.
According to the publication, the current level has exceeded the previous 2022 record, and the price of diesel rose above $6 per gallon for the first time. OilPrice links the increase to higher oil prices, limited fuel supplies from the Middle East and Russia, as well as the price of the international Brent benchmark at about $100 per barrel.
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Gasoline prices and economists' assessments
The average price of gasoline in the United States also rose to $4.4761 per gallon. A month ago, this figure was $4.1044, and a year ago it was $3.1894 per gallon.
OilPrice notes that rising gasoline and diesel prices could increase inflation risks and slow the economy. Last week, the US Federal Reserve raised its key rate for the first time since 2023. According to Fed Chair Kevin Warsh, inflation is too high and has remained so for too long.
Goldman Sachs Chief Economist Jan Hatzius told Yahoo Finance that the bank had lowered its estimate of the probability of a recession over the next 12 months from 30% in March to 15%. At the same time, he noted that a new shock could force analysts to raise this estimate.
