US refineries increased diesel production run rates to the highest level in 22 years to counter the global shortage, with processing averaging 17.4 million barrels per day ending September 11. Bloomberg estimates indicate the Iran conflict removed an average of 770,000 barrels per day from the Middle East from March to August, more than double the 350,000 barrel daily loss from Russian supplies. This production shift has raised national gasoline averages to $4.47 per gallon and Gulf Coast jet fuel to $4.55 per gallon.
Tuesday, October 20, 2026
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US Diesel Prices Hit Record $6.45 Gallon on Global Export Plunge
Commodities31 days ago
Shipping costs for crude oil from West Africa to China jumped 258% between July and September, reaching $23.59 per barrel for a 2 million barrel shipment. The surge in physical oil costs coincides with a plunge in diesel exports from Russia and Persian Gulf states due to conflict, which has pushed US national diesel prices to a record $6.45 per gallon. All-time highs have been reached in 44 states, with California recording the highest ever average sales price of $8.40 per gallon.
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