• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 days Does Toyota Know Something That We Don’t?
  • 1 day America should go after China but it should be done in a wise way.
  • 7 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 days China is using Chinese Names of Cities on their Border with Russia.
  • 10 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 10 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 10 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 9 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 21 hours How Far Have We Really Gotten With Alternative Energy
  • 10 days Putin and Xi Bet on the Global South
  • 10 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 11 days United States LNG Exports Reach Third Place
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Europe Set for 50 TWh Solar Power Boom in 2024

Europe Set for 50 TWh Solar Power Boom in 2024

Europe anticipates a significant increase…

U.S. Diesel Prices Climb For First Time In Two Months

After an impressive run that saw U.S. diesel prices fall for 62 consecutive days, diesel prices at the pump rose overnight on Tuesday, snapping the longest losing streak in two years thanks to farmers stockpiling fuel for use during the harvest season.

U.S. national average diesel prices have climbed to $4.977 per gallon, marking the first time they have done so since peaking at $5.816 in mid-June according to AAA data. However, the latest turnaround in pump prices comes as little surprise considering that diesel futures contracts have jumped more than 20% in a little over two weeks.

Owners of gasoline-powered vehicles have been luckier as gasoline prices have contracted for 71 straight days to $3.883 per gallon, good for the second longest losing streak in nearly two decades. But whereas high gasoline prices have been the focal point of President Biden’s administration, it’s diesel that actually powers the U.S. economy. There’s, therefore, a big risk that rising diesel prices will lead to higher transport costs and eventually filter through to consumer goods if prices continue creeping up.

Midwest farmers are already paying significantly more for their diesel after agricultural demand helped propel Tulsa, Oklahoma, to the country’s most expensive wholesale hub for the fuel, even exceeding places such as Los Angeles and  New York and, according to data compiled by Bloomberg. Readers should also keep in mind that U.S. consumers are also competing with overseas buyers for their diesel as the fuel continues being in high demand globally. Indeed, U.S. refiners have been exporting massive amounts of diesel to buyers in Europe and Latin America who are trying to ditch Russian energy commodities

But the situation could get even worse with prices facing upward pressure due to upcoming refinery maintenance which threatens to further deplete current low stockpiles. According to government data, U.S. distillate inventories, including diesel, are already at their lowest in more than two decades for this time of year.

By Alex Kimani for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News