00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Diesel prices have climbed above $6 per gallon to a new national record, according to Fox Business.
00:09The increase is raising concerns about higher costs across the U.S. economy and pressure on
00:14Republicans ahead of the November midterm elections. Diesel averaged $3.69 per gallon
00:20in January 2025, but has since risen to $6.20, according to AAA. The fuel powers trucks,
00:27farms, freight trains, and heavy equipment, meaning higher prices can raise transportation
00:33and operating costs for groceries, packages, and building materials. The surge comes as the U.S.-Iran
00:39war disrupts shipping through the Strait of Hormuz. Ukrainian strikes on Russian energy
00:44infrastructure and Russian restrictions on diesel exports have also tightened global supplies.
00:50President Trump has acknowledged that elevated oil prices could persist until after the election.
00:55The White House did not immediately respond to Fox Business' request for comment.
00:59For all things money, visit Benzinga.com.
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