Diesel prices climbed to an all-time high in the United States on Friday as the ongoing conflict with Iran continued to put pressure on global energy supplies.
The nationwide average price for a gallon of diesel reached approximately $5.85 Friday morning, according to AAA. That represents a staggering 58% increase from the same period last year, when diesel averaged roughly $3.71 per gallon.
Prices have also risen sharply over the past month. The national diesel average stood at about $5.37 per gallon one month ago, meaning the cost has jumped nearly 9% in that period.
The historic increase threatens to have consequences beyond the fuel pump. Diesel is widely used by commercial delivery trucks, meaning higher transportation expenses are likely to increase the cost of everyday products shipped across the country.
The record-setting price marks another economic challenge for the Trump administration as it seeks to minimize the domestic financial effects of the war with Iran ahead of the midterm elections.
The conflict, now in its sixth month, has effectively closed the Strait of Hormuz, a major international oil trading route. The disruption has placed additional strain on worldwide crude oil supplies and contributed to rising fuel costs.
President Donald Trump directed the Department of Justice in June to investigate allegations of gasoline price gouging as his approval rating faced pressure amid the increasing cost of fuel.
A July poll conducted by The Associated Press and NORC found that 66% of respondents disapproved of Trump’s handling of the U.S. economy.
White House spokesperson Taylor Rogers said in a statement provided to The Hill on Friday morning that Trump remains focused on expanding domestic energy production and bringing down costs.
“This week the President met with nearly a dozen refiners to discuss ways to expand our refining capacity, which will lower prices at the pump,” Rogers said.
“As the U.S. military fully degrades the terrorist Iranian regime’s ability to attack shipping vessels, oil and gas prices will fall back to pre-conflict levels,” the spokesperson added.
Regular gasoline prices have also surged during the conflict. The national average stood at roughly $4.18 per gallon Friday, compared with approximately $3.20 per gallon one year earlier, according to AAA.
GasBuddy reported in August that regular gasoline prices had reached their highest level ever recorded for that point in the calendar year.
Patrick De Haan, the fuel-tracking company’s top petroleum analyst, said the national average price for regular gasoline had never previously remained above $4 per gallon after Aug. 12.
With both diesel and standard gasoline prices elevated, the administration is facing continued scrutiny over the economic effects of the Iran conflict. The White House, however, maintains that expanding refining capacity and reducing Iran’s ability to disrupt shipping will eventually return oil and gasoline prices to the levels seen before the war began.
