Yes.
At least since the federal government began keeping track.
Highway diesel prices rose to $6.53 per gallon Sept. 21, a record-high based on federal data beginning in 1994.
Some economists link this year’s jump to the U.S. war with Iran. The conflict, which the Trump administration started in February, is impacting crude oil supplies, which are needed to produce diesel and regular gasoline.
And Russia’s war with Ukraine, which has knocked some diesel refining capacity offline, also remains a factor, experts say.
Regular gas prices are also high at the pump, but diesel is especially sensitive to supply problems. That’s because it costs more to produce it.
On-highway diesel prices have risen 89% since January, shortly before the start of the war. Before this year, the previous peak for diesel was $5.81 in June 2022.
The 2022 uptick came after Russia’s war with Ukraine began.
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Sources
- Federal Reserve Bank of St. Louis US Diesel Sales Price
- PBS News 3 things to know about rising diesel prices and how they affect you
- Scientific American Diesel fuel prices are rising — chemistry can help explain why
- USA Facts Diesel prices rose 89% from January low to September record high
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