US diesel prices soar as Donald Trump hauls in refiners
US diesel prices reached an all-time high average of $5.85 per gallon as conflict with Iran disrupts fuel flows. Crude oil touched $97 per barrel during a monthlong price increase. Gasoline also hit a record Labor Day high of $4.14 per gallon, nearly one dollar higher than the previous year and surpassing the 2012 record of $3.82. These surges come as President Trump meets with oil executives to address consumer costs and refinery issues ahead of midterm elections.
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- ✓ Gas prices averaged $4.14 per gallon over Labor Day weekend, surpassing the 2012 record of $3.82.
- ✓ The Iran war and refinery issues contributed to record fuel prices.
What changed
Diesel and gasoline prices reached record highs over the Labor Day weekend.
Live updates
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US diesel prices hit record $5.85 average amid Iran war
US diesel prices reached an all-time high average of $5.85 per gallon as conflict with Iran disrupts fuel flows. Crude oil touched $97 per barrel during a monthlong price increase. Gasoline also hit a record Labor Day high of $4.14 per gallon, nearly one dollar higher than the previous year and surpassing the 2012 record of $3.82. These surges come as President Trump meets with oil executives to address consumer costs and refinery issues ahead of midterm elections.
Why it matters
High energy costs are linked to the ongoing Iran war and domestic refinery problems. This economic pressure coincides with a political push from the White House to lower fuel prices through potential regulatory changes and faster permitting.
What is confirmed
- Gas prices averaged $4.14 per gallon over Labor Day weekend, surpassing the 2012 record of $3.82.
- The Iran war and refinery issues contributed to record fuel prices.
Still unconfirmed
- Crude oil touched $97 per barrel.
What to watch next
- Outcome of Trump's meetings with refiners regarding price reductions
- Changes to fuel permitting or regulatory policies
- Updates on fuel flow disruptions caused by the Iran war
confidence 80%Sources used for this update (6)
- www.nbcnews.com — Oil touches $97 per barrel as diesel prices surge to highest level this year
- www.newsday.com — US diesel prices hit a record high of $5.85 on average as the Iran war disrupts the flow of fuel
- apnews.com — Fuel prices at record Labor Day high in US thanks to Iran War and refinery issues
- www.nbcnews.com — Fuel prices at record Labor Day high in U.S. due to Iran war and refinery issues
- finance.yahoo.com — Diesel prices just smashed a 2022 record, but it's not only trucks that are taking a hit. What it means for your wallet
- www.cnn.com — Americans are footing a $100 billion energy bill from the Iran war
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US diesel prices soar as Trump meets oil refiners
US diesel prices are surging as President Trump meets with oil refiners and executives to discuss lowering fuel prices. The meeting comes amid high fuel costs, boosted by tensions with Iran, and ahead of the midterm elections. Trump has accused refiners of gouging consumers, and the White House is pushing to lower gas prices. The discussions may touch on regulatory changes, faster permitting, and additional investments.
Why it matters
The meeting between Trump and oil refiners is significant as the US faces high fuel prices, which could impact the economy and the midterm elections. The Trump administration is looking for ways to lower gas prices, which have been rising due to tensions with Iran and other global factors. The oil industry has been under pressure to increase production and reduce prices.
What is confirmed
- Trump is hosting oil executives to discuss lowering fuel prices.
- US diesel prices are surging amid high fuel costs.
- The meeting comes ahead of the midterm elections.
- Trump has accused refiners of gouging consumers.
Still unconfirmed
- The discussions may touch on regulatory changes, faster permitting, and additional investments.
What to watch next
- The outcome of Trump's meeting with oil refiners and executives
- Changes in US diesel prices in the coming weeks
- The impact of high fuel prices on the midterm elections
confidence 90%Sources used for this update (11)
- Reuters — Trump to host oil executives after accusing refiners of gouging consumers
- CNBC — Trump to meet with U.S. oil refiners as White House pushes to lower gas prices
- The Hill — Trump to meet with oil refiners amid stubborn gas prices
- USA Today — Trump to meet with US refiners over high fuel prices amid Iran war
- CNBC — CNBC Daily Open: Trump wants to floor it on economic growth as Warsh eyes the brakes
- Reuters — Trump to meet refiners, fuel retailers as Iran war boosts gas prices ahead of midterms, sources say
- Financial Times — US diesel prices soar as Donald Trump hauls in refiners
- WBAL-TV — President Trump meets oil executives as US eyes Venezuelan oil expansion
- finance.yahoo.com — Trump Ramps Up Pressure on Squeezed Refiners to Ease Pump Prices
- WSJ — Trump Wants Big Oil to Build More Refineries. That’s a Tough Sell.
- www.ttnews.com — Trump pressures refiners to ease gasoline prices
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