Global Refinery Crunch Pushes Diesel Prices to New Records

AI Summary

Diesel prices in the U.S. hit record highs above $6.50 per gallon as global refinery capacity tightens amid ongoing export bans and attacks on refineries in Ukraine. The shortage is exacerbated by Russia's extended diesel export ban and disrupted supply chains, contributing to soaring fuel prices in Europe and putting pressure on struggling economies.

U.S. diesel prices broke another record last week, topping $6.50 per gallon. In Europe, fuel prices are soaring, and shortages are looming over already struggling economies. There is simply not enough refining capacity in the world to make up for the loss of Middle Eastern and Russian barrels. And there is no quick fix. Last week, Russia said it would extend a ban on diesel exports until the end of October, as Ukrainian drone attacks on refineries continued, despite President Donald Trump’s call on the Zelensky government to stop attacking…