Story perspectives

Diesel hits record $6.05 a gallon, spurring inflation fears

By Drooid · Sep 11, 2026, 12:50 PM UTC · How we work

Summary

Story summary

U.S. diesel market reached a record $6.05 per gallon, the first price above $6.
Strait of Hormuz closure, Russia’s diesel export ban, and maxed-out refineries drove the surge.
Higher diesel costs added $34.8 billion in freight expenses and are expected to reignite inflation.
The average diesel price rose to $5.85 last week, up from $3.70 a year ago.

History

Historical Context

The October 1973 OAPEC oil embargo—prompted by U.S. arms shipments to Israel—cut output and drove world crude from $3 to $12 a barrel, a near-300 percent jump that lasted until March 1974. The shock forced the United States to adopt fuel-efficiency rules and create the Strategic Petroleum Reserve, policies now invoked as today’s diesel prices soar amid Hormuz closures and Russia’s export ban.

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Story summary

U.S. diesel market reached a record $6.05 per gallon, the first price above $6.
Strait of Hormuz closure, Russia’s diesel export ban, and maxed-out refineries drove the surge.
Higher diesel costs added $34.8 billion in freight expenses and are expected to reignite inflation.
The average diesel price rose to $5.85 last week, up from $3.70 a year ago.

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