U.S. diesel prices hit record $5.88 as inventories reach seasonal lows

The national average diesel price reached a record $5.88 a gallon on September 5th. AAA said the average was its highest on record and exceeded the June 2022 peak. The average was $5.60 a week earlier. The average was $3.71 a year earlier. Diesel is used by trucks that move freight. Higher diesel prices increase shipping costs. Gasoline was near $4.15. Diesel demand usually rises in September. Bloomberg tied the latest increase to wars squeezing global supply. EIA data showed distillate inventories were low for this time of year. U.S. inventories stood at 104.2 million barrels for the week ending August 28th. That level was down 10 percent from a year earlier. East Coast inventories were 19.3 million barrels. That level was down 33 percent from a year earlier.