US diesel prices hit record high... Inflation pressure expected to increase

Inflation pressure is expected to increase due to seasonal demand increase

(New York = Yonhap News) Correspondent Kim Yeon-sook = The average price of diesel in the United States has reached an all-time high due to the worsening global supply shortage caused by the war with Iran.

According to GasBuddy, a fuel price analysis company, on the 3rd (local time), the national average price of diesel in the United States as of today was $5.820 per gallon.

It surpassed the previous highest price ($5.819) recorded on June 17, 2022, at the beginning of the Ukraine war.

The average price of diesel in the United States has been above $5 per gallon since July 15th.

GasBuddy analyst Patrick De Haan said this year is expected to be the most expensive year for diesel prices in U.S. history.

The recent price surge is analyzed as a result of global diesel supply disruptions.

After the outbreak of the U.S.-Iran war in late February, supply concerns grew and the price of U.S. diesel rose 55%.

In addition, Ukraine's drone attack took a heavy toll on oil refineries in Russia, a major exporter of the world, and Russia's ban on exports until September 30 also contributed to the supply shortage.

The market believes that pressure to increase prices may intensify due to seasonal demand increases.

It is predicted that the harvest season for farmers in the Northern Hemisphere overlaps with the planting preparation season in the Southern Hemisphere, and that demand for heating oil is increasing ahead of winter, which could intensify supply and demand difficulties.

Experts warn that rising diesel prices can affect trucking, agriculture, and industrial activities overall, increasing transportation and production costs and ultimately leading to an overall rise in prices.