DID Press: Gasoline and diesel prices in the United States have come under renewed upward pressure as disruptions to global oil supplies, damage to energy infrastructure in the Middle East, and the continuing Russia-Ukraine war raise concerns over fuel availability and the outlook for energy markets.
The Washington Post reported that the national average price for regular gasoline reached about $4.44 per gallon on September 17, according to AAA, while the national average for diesel rose to about $6.40 per gallon. Diesel prices have continued to set records, after reaching $6.05 per gallon on September 11.
The recent increases have been linked to disruptions affecting global oil supplies, including damage to Saudi Arabia’s East-West pipeline and reduced flows through the Strait of Hormuz. The pipeline provides Saudi Arabia with an alternative route for moving crude to Red Sea export terminals.
At the same time, diesel markets are facing additional pressure from disruptions to refining capacity. Reuters reported Thursday that European gasoil futures and U.S. ultra-low-sulfur diesel futures had reached record highs, while a Ukrainian drone attack damaged a refinery in Russia’s Yaroslavl region.
Although crude oil prices eased on Thursday as Saudi Arabia sought to maintain exports through alternative routes and work toward restoring its damaged pipeline, Brent crude remained above $100 per barrel. Reuters said concerns over the physical supply of refined products, particularly diesel, remain significant.
Analysts cited by the Washington Post have warned that further disruptions could lead to additional increases in U.S. gasoline and diesel prices, with the effects potentially extending to transportation, manufacturing and consumer prices.