US Diesel Prices Hit All-Time High
American drivers are facing record-breaking diesel prices as the war between the US and Israel against Iran continues to strain household budgets. The average price per gallon has reached $5.85, significantly higher than last year's average.
Drivers in the United States are paying unprecedented prices for diesel at gas stations today, Friday, as the war between the US and Israel against Iran continues to impact the pockets of American citizens. The average price per gallon of diesel has reached $5.85, compared to an average of $3.71 a year ago, surpassing the previous record set following the Russian invasion of Ukraine.
Fuel prices have skyrocketed since the war with Iran began at the end of February, in parallel with a sharp rise in wholesale oil prices. In response to the situation, US President Donald Trump recently pledged to "significantly lower fuel prices for all Americans" through an oil deal with Venezuela, which the US invaded in January.
The agreement, announced on Saturday, calls for the development of 17 strategic oil fields with a proven potential of 65 billion barrels. The deal also includes:
"An investment of more than $100 billion and more than $209 billion in taxes" for Venezuela, according to Venezuela's interim president Delcy Rodriguez.
The US government will retain 55% control in a joint venture with an "experienced private operator in Venezuela," an American official stated. Oil is a key component of vehicle fuel, and supply has been restricted due to Iran's response to the war, which included the effective closure of the Strait of Hormuz, a narrow waterway south of the country through which one-fifth of the world's oil is transported.
