With the drastic fluctuations in the global energy market, diesel prices in the United States have once again hit a historic high. According to the latest data released by the American Automobile Association (AAA), the average price of diesel across the United States has soared to $6.43 per gallon, rising by over 40 cents in just the past week, making it challenging for many drivers and transportation companies to afford.
In the Tri-state area, residents at gas stations are feeling unprecedented pressure.
In New Jersey, the average price of Regular Gas has reached $4.43 per gallon, a 47-cent increase from the previous month. The escalation of diesel prices is particularly intense, reaching a historic high of $6.43 per gallon, with a surge of 47 cents in a week and a cumulative increase of nearly 90 cents in the past month. It now costs over $100 for a truck to refuel.
In New York State, the average price of Regular Gas is $4.49 per gallon, while in the five boroughs of New York City, it is $4.57. The statewide average for diesel is $6.48 per gallon, soaring to $6.69 in the city.
Data from the Automobile Association shows that since the end of February this year, when the US and Israel launched strikes against Iran, diesel prices in the United States have surged by over 60% compared to pre-war levels.
Diesel fuel is the lifeblood of the entire American freight and logistics network. Market analysts warn that the sharp rise in diesel costs will directly translate into increased transportation costs for essential daily goods, leading to an overall rise in the costs of food and various retail products, further exacerbating financial pressures on households.
S&P Global Energy’s latest forecast suggests that oil production in the Middle East may not recover to pre-war levels until after 2027. This implies that high oil prices and significant inflation could become a norm that all Americans will have to face in the foreseeable future.