US Gasoline Hits Seasonal Record, Diesel Reaches $5.94 as Oil Tops $100
Updated
Updated · Yahoo Finance · Sep 9
US Gasoline Hits Seasonal Record, Diesel Reaches $5.94 as Oil Tops $100
3 articles · Updated · Yahoo Finance · Sep 9
Summary
$4.22 a gallon for regular gasoline and $5.94 for diesel on Wednesday left U.S. pump prices at a September record for gasoline and a fresh all-time high for diesel.
$100-plus crude alone does not explain the jump: U.S.-Iran conflict bottlenecks and refining constraints drove crack spreads to records, lifting the effective crude equivalent to $177 a barrel for gasoline and $250 for diesel.
Futures underline the squeeze, with gasoline up more than 78% this year and diesel up 124%; analysts say high prices are already starting to curb fuel demand.
California shows the broader economic risk most sharply, with diesel nearing $8 statewide and almost $8.50 in some cities, threatening higher costs for trucking, farming and deliveries nationwide.