Diesel Pump Prices Are Surging in Potential Boost to Inflation
Trucks refuel at a gas station in Whiteland, Indiana.
Photographer: Luke Sharrett/BloombergUS diesel prices at the pump have surged to the highest in almost a year as retail markets catch up with tightness in global supplies of the widely used fuel, threatening to boost inflation.
The national average price of a gallon of diesel has risen 7% since early June to $3.738 on Monday, near the highest since August 2024, American Automobile Association data show. The rally was sparked by a flareup in the conflict between Israel and Iran and has been sustained by outages at refineries in Europe and a dearth of distillate-rich crudes.