US Diesel and Gasoline Prices Surge Toward Record Highs

National diesel prices in the United States surged nearly 17 cents per gallon in one week, bringing the cost within 25 cents of an all-time record high. Gasoline prices followed a similar upward trend, with the national average reaching $4.05 per gallon and prices in Minnesota averaging $4.13 per gallon.

Gas Buddy reports that gasoline has reached its highest level ever recorded for this time of year. This trend suggests that the national average could remain above $4 per gallon through the Labor Day holiday.

While some oil shipments continue to move through the Strait of Hormuz, the primary driver of the price spike is the loss of Russian refinery capacity. This capacity decrease resulted from ongoing attacks by the Cabinet of Ministers of Ukraine on fuel facilities, which has constrained the global supply of refined fuels.