00:00An explosion and fire at Valero's Port Arthur Refinery, one of the 10 largest in the U.S.,
00:05sent wholesale gasoline up roughly 10 cents a gallon and diesel up 16 cents on Tuesday,
00:12compounding the fuel price surge already driven by the Iran war.
00:16The diesel-producing section of the plant is expected to be offline for an extended period,
00:22worsening an already painful price spike.
00:24Retail diesel has surged 43 percent in the past month to $5.35 a gallon,
00:31while regular gas now averages $3.98 a gallon, the highest since August 2022.
00:38The diesel crunch carries broad economic consequences as it powers the trucking and farming industries,
00:44meaning higher costs could ripple through a wide range of consumer goods heading into the spring planting season.
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