Reports say drivers are dealing with the most expensive September gasoline in history.
Here's what to know
A new Yahoo Finance report says gas prices have reached a new record with Brent crude moving above $100 a barrel due to tight refinery capacity and other energy bottlenecks tied to the US-Iran conflict.
AAA figures put the national average at $4.22 for regular gasoline and $5.94 a gallon for diesel, with predictions that it could hit $6.
Andy Lipow, president of Lipow Oil Associates, said, "Gasoline prices in the USA are the highest ever for this time of year."
Lipow's analysis indicates that consumers are effectively paying about $177 a barrel for gasoline and $250 a barrel for diesel on a crude-equivalent basis, showing how much faster refined fuel prices have risen than crude oil.
AlphaSpace data said futures gains have topped 124% for diesel and 78% for gasoline.
TCD Picks » Quince Spotlight
💡These best-sellers from Quince deliver affordable, sustainable luxury for all
More background
Diesel is heavily used in farming, trucking, and deliveries, meaning the surge is likely to push up the price of goods and services.
Lipow said, "Those high prices are starting to impact demand."
The West Coast is being hit especially hard because of high taxes and limited refining capacity. In California, GasBuddy head petroleum analyst Patrick De Haan said diesel was nearing $8 a gallon, with some cities averaging almost $8.50.
De Haan said, "To see those apocalyptic diesel prices in California, I mean, we're talking about some stations that may have to figure out software updates for potentially double-digit diesel prices."
Where can I learn more?
Record diesel and gasoline prices are the result of how oil, gas, and coal dynamics can ripple through investment decisions, public health, and everyday household costs.
• Across energy markets, fossil fuels are once again attracting investment as supply fears intensify.
• New evidence suggests oil and gas impact health through asthma risks and premature deaths.
• In West Virginia, coal plants impact consumers long after their peak economic value fades.
Get TCD's free newsletters for easy tips, smart advice, and a chance to earn $5,000 toward home upgrades. To see more stories like this one, change your Google preferences here.
