The keen shortage of diesel in the US has sent prices up to a record premium compared with gas and crude oil, The Wall Street Journal reported Wednesday.
That has pushed prices paid by Americans at the pump skyrocketing, up about 50% this year to $5.35 a gallon as of Wednesday, according to AAA data.
The figures represent a record $1.61 higher than the price of gasoline, which cost an average of $3.74 a gallon — a significant surge from the gap of just 23 cents a year ago.
Meanwhile, according to the EIA, New York harbor wholesale diesel prices traded at a record premium to crude oil benchmarks in October.
Western sanctions against Russia after it invaded Ukraine in February have shaken global energy markets, tightening supply and sparking price shocks.
Gas prices have declined 26% since hitting an all-time high of $5.02 in June, AAA data shows, following a combination of plunging crude oil prices and a slump in demand.
But diesel buyers haven’t enjoyed the same level of relief — prices have fallen just 8.1% from their June record of $5.82 a gallon.
