US diesel prices hit an all-time-high
Summary
Diesel prices in the US have reached a new high of $5.85 per gallon, driven by the ongoing US-Israel conflict with Iran and disruptions in oil supply. President Donald Trump has announced a large oil deal with Venezuela to help lower gas prices for Americans.Key Facts
- The average US diesel price is $5.85 per gallon, up from $3.71 a year ago.
- Prices rose sharply after the conflict with Iran began in February, affecting oil supply.
- President Trump announced a deal to develop 17 Venezuelan oil fields with a potential of 65 billion barrels.
- The US will invest over $100 billion and collect more than $209 billion in taxes from Venezuela through a joint venture.
- The US government will hold 55% control of this joint venture with a private company.
- Iran has closed the Strait of Hormuz, a key oil transport route, reducing oil availability.
- Western US states pay more for diesel, with some prices above $6.80 per gallon due to taxes and distance from oil producers.
- Gasoline prices have also increased, reaching an average of $4.15 per gallon compared to $3.20 a year ago.
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