US diesel fuel price reaches record $5.85 per gallon
In the United States, the price of diesel fuel reached a record $5.85 per gallon on September 4, surpassing the previous high of $5.81 set in June 2022. Ahead of the Labor Day weekend, the national average price of regular gasoline approached $4.15 per gallon — about 6 cents more than a week earlier.
As CBS News reports, the AAA automobile association forecasts the highest gas station prices in history during the holiday weekend. The association noted that demand for gasoline usually declines during this period, helping to lower prices, but this year the situation is different because of high oil prices. According to AAA, gasoline prices in the United States had never previously exceeded $4 per gallon on Labor Day.
Oil and shipping
After rising for about a week, the price of benchmark Brent crude stabilized at around $95 per barrel. This is approximately 45% higher than a year ago, before the war began.
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Shipping through the Strait of Hormuz remains significantly below pre-war levels. According to Lloyd’s List Intelligence, 102 vessels passed through the strait last week, compared with 126 the week before. Before the war, at least 130 tankers passed through this waterway every day. At the same time, significant volumes of oil continue to be transported by tankers along the southern route near the coast of Oman under the guidance of U.S. forces.
Vance’s statements
U.S. Vice President J.D. Vance did not give a timeframe for a possible decline in prices at gas stations. He told reporters at the White House that fuel prices could have been significantly higher without U.S. efforts in the war with Iran.
Vance also said that he would not call the situation a war and ruled out new negotiations with Iran until it stops attacking ships in and near the Strait of Hormuz. Asked about ending the conflict, he replied that it depends on when Iran stops firing at ships.
