Trucking faces another fuel shock as diesel tops $6.50

Iran says it could reopen the Strait of Hormuz within seven days if the U.S. meets certain conditions. But how soon would fuel prices fall?

Key takeaways

  • Diesel jumped 24 cents in one week as Strait of Hormuz disruptions continued to affect fuel markets.
  • Regional diesel prices varied widely, with the West Coast reaching $7.46 per gallon.
  • Gasoline rose 16 cents as crude oil remained around $100 per barrel amid ongoing volatility.

The Iran war was already messy; now, it’s a maelstrom. After breaking records last week, diesel prices keep rising as oil shipments are limited though the Strait of Hormuz. Even with talks of peace returning, experts still say prices won’t stop rising anytime soon.

Attacks in the strait continued last week, notably on September 17 and 18, keeping traffic restricted and dangerous. A U.N. panel judging past violence from the U.S. during the war is now claiming the country is guilty of war crimes. The panel’s report could potentially be used in international courts in the future. Iran is also accused of crimes against humanity.

Iran is again trying to reopen the strait, telling the U.S. it could do so within seven days if certain conditions are met, including the U.S. ending its blockade.

President Trump is reportedly meeting with leaders from Persian Gulf States during the U.N. General Assembly in New York today (September 22). It’s unclear whether he will agree to Iran’s terms at all, let alone after this meeting.

The president’s statements have contradicted each other. Trump told Fox News that he is in “deciding mode” with “big things” on the horizon. According to him, his choices are “wiping Iran out,” “letting them rot economically,” or negotiating and reaching a deal.

"My question is, if and when do I blow the entire nation up? They better behave," the president told Fox News' Trey Yingst.

Peace is certainly a possibility, but I wouldn’t say that Trump’s self-proclaimed list of options is either inspiring or comforting. And while the president weighs his options, truck drivers and the public are paying the price: literally, in high fuel prices.

The national average on-highway diesel price rose 24 cents to $6.529, according to data the U.S. Energy Information Administration (EIA) released on September 22. Gas prices rose 16 cents to $4.478. Compared to last year, diesel prices are up $2.780, and gas prices are up $1.305.

What are the current diesel prices across the U.S?

Here are this week’s diesel price highlights from each region of the U.S.:

  • Midwest: The biggest increase in diesel prices this week occurred in the Midwest, rising 43 cents to $6.680. 
  • Rocky Mountain: In the Rockies, diesel prices rose 27 cents to $6.340.
  • West Coast: Along the West Coast, diesel prices rose 21 cents to $7.456. Without including California, diesel prices rose 23 cents to $6.791. 
  • Gulf Coast: Along the Gulf Coast, diesel prices rose 15 cents to $6.177.
  • East Coast: Along the East Coast, diesel prices rose 11 cents to $6.268.

According to AAA Motor Club (AAA), the current national average diesel price is $6.528. This is 0.1 cents lower than EIA’s current estimate and $2.840 higher than this time last year.

What are the current gasoline prices across the U.S.?

The current national average on-highway gasoline price is $4.478, according to EIA, up 16 cents from last week’s average. 

Here are this week’s gasoline price highlights from each region of the U.S.:

  • Midwest: Gasoline prices rose the most in the Midwest, up 30 cents to $4.386. 
  • West Coast: Along the West Coast, gas prices rose 13 cents to $5.600. Without including California, gas prices rose 8 cents to $5.106.
  • Gulf Coast: Along the Gulf Coast, gas prices rose 12 cents to $3.972.
  • East Coast: Along the East Coast, gas prices rose 9 cents to $4.285.
  • Rocky Mountain: In the Rockies, gas prices rose 7 cents to $4.510.

According to AAA, the current national gasoline price average is $4.475. This is 0.3 cents lower than EIA’s current estimate and $1.291 higher than this time last year. 

In a recent press release, AAA said, “Crude oil remains high, averaging $100 per barrel amid continued volatility in the Strait of Hormuz. Gas prices are back to what they were earlier this year during the spring, and the national average is inching closer to this year’s record high of $4.56 set on May 21. The all-time high for the national average is $5.01 set on June 14, 2022.”

About the Author

Jenna Hume

Jenna Hume

Digital Editor

Digital Content Specialist Jenna Hume joined FleetOwner in November 2023 and previously worked as a writer in the gaming industry. She has a Bachelor of Fine Arts degree in creative writing from Truman State University and a master of Fine Arts degree in writing from Lindenwood University. She is currently based in Missouri. 

Sign up for our eNewsletters
Get the latest news and updates

Voice Your Opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!