diesel News Updates

The nationwide average retail price reached $5.044 a gallon on March 16, according to AAA, up by more than a third since the Iran conflict began. 

While rates are high, they signal that coverage is available for the few vessels still moving through the waterway. The question is whether shipowners are willing to make the transit.

President Donald Trump’s efforts to stabilize prices at the pump underscore the unique role oil and gasoline play in the economy — and American voters’ perceptions of it. 

President Donald Trump is mulling a menu of possible options to combat surging oil and gasoline prices in the wake of the Iran war, according to people familiar with the matter.

Diesel prices rocketed in the immediate aftermath of the joint U.S.-Israel attacks on Iran, and the military escalation that followed set in motion a wave of geopolitical uncertainty.

Federal and local law enforcement officers have taken action to bust an organized ring of diesel thieves thought to be selling the fuel around the Port of Oakland.

Airlines and other large fuel buyers have been loading up on oil derivatives contracts in recent days to keep their bills from spiraling as the U.S.-Iran war pushes prices to multiyear highs.

A decision to tap the Energy Department’s Strategic Petroleum Reserve could help stanch price spikes, at least temporarily. The reserve currently holds about 415 million barrels.

“It’s the rockets and feathers effect,” said Christopher Knittel, professor of energy economics at the Massachusetts Institute of Technology. “When things are going up — they go up fast.”

U.S. crude production fell to near 13.7 million barrels a day in December, the lowest in six months, according to a monthly report from the Energy Information Administration.