Diesel fuel, the lifeblood of U.S. industry, crossed an alarming and historic benchmark Tuesday.
Amid the Iran War and the Strait of Hormuz crisis, the U.S. average retail diesel prices have crossed $5 a gallon, the highest since December 2022.
This marks only the second time diesel prices have hit the historic 5-dollar benchmark, according to Reuters. Tuesday’s new average of $5.04 is now a record high, according to analysts at GasBuddy.
Meanwhile, gas prices across the country have surged 74 cents a gallon. This reportedly marks nearly a 30% increase over the past month, the highest monthly spike since Hurricane Katrina.