Wars drive diesel prices to new highs
Diesel prices worldwide have surged to record highs due to the impact of the wars in Ukraine and Iran on the refining sector, leading to decreased supplies and heightened concerns over a new wave of inflation that could harm the global economy. In the United States, the average diesel price reached $5.85 per gallon, roughly a 60% increase compared to last year when it was $3.71. Prices in California have even risen to $7.70 per gallon, reflecting the effects of geopolitical tensions on the energy market. Experts confirm that the rising diesel costs are having a broader impact on supply chains, transportation, and production, thereby increasing inflation pressures and complicating the efforts of central banks to control prices.
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