Explore the latest developments concerning What $5 diesel.
'A direct hit for consumer prices': Diesel surges past $5 a gallon
The average price of diesel fuel hit $5.04 a gallon nationwide Tuesday, the latest fallout from soaring crude oil prices brought on by Iran’s blockade of the Strait of Hormuz, a critical oil transit route.
Diesel fuel is the refined product of crude oil and biomass materials, and it is used around the world to power vehicles like freight and delivery trucks, mass transit, ships, and farm and construction equipment. According to AAA, the last time diesel prices crossed the $5 mark was in December 2022.
Although the average American likely isn’t driving a vehicle that runs on diesel, the heavier gasoline is crucial to fueling the global supply chain.
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