Diesel and crude oil prices are the highest recorded in years as consumption surges in the U.S. In May, the price of ultra-low sulfur diesel in the U.S. was nearly $3.22 per gallon. As of June 14, the national on-highway diesel average was $3.29 per gallon, according to data from the U.S. Energy Information Administration, 86 cents higher than a year ago.
Prices haven’t been this high since Fall 2018, when diesel prices were as high as $3.37 in October of that year.
Meanwhile, U.S. crude prices have also hit the highest level recorded in more than two years. This week, the price came in between $70. 88 and $71.78 per barrel, the Wall Street Journal reports.
The WSJ says analysts expect crude to remain in high demand over the next decade to make transportation fuels and other oil-reliant products.
Crude prices have also been drived by output cuts by the Organization of the Petroleum Exporting Countries. “Even after OPEC and its allies lift output in the months ahead, some analysts think production will struggle to catch up to demand, which the International Energy Agency projects will rise at least through 2026,” WSJ reported.