U.S. national average price of retail diesel hit a new record on Thursday as crude oil rebounded and the U.S. refining sector faces capacity restraints.
The U.S. national average price of diesel increased to 5.820 U.S. dollars per gallon on Thursday afternoon, surpassing the previous record high of 5.819 dollars per gallon recorded in June 2022, according to data issued by fuel savings platform GasBuddy.
The West Texas Intermediate for October delivery Thursday added 28 cents, or 0.32 percent, to settle at 91.30 U.S. dollars a barrel on the New York Mercantile Exchange.
U.S. national average price of diesel for 2026 could surpass that in 2022, according to Patrick De Haan, head of petroleum analysis at GasBuddy.
Moreover, the U.S. average gasoline price on the upcoming Labor Day holiday weekend this year will hit 4.03 dollars per gallon, 87 cents higher than in 2025, marking the highest Labor Day price at the pump on record in nominal terms, surpassing the previous record of 3.83 dollars per gallon in 2012, according to the latest forecast by GasBuddy.