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Retail Diesel Prices Surge to Fresh Record High Amid Tight Supplies

Retail diesel prices hit a fresh record high of $5.557 per gallon on Thursday, according to the American Automobile Association (AAA).

The cost of a gallon of has been up 1.5 percent over the last week. Retail diesel prices are also 10.5 percent higher than a month ago.

Several states are seeing diesel prices north of $6 a gallon, including California ($6.514), Connecticut ($6.349), Massachusetts ($6.313), Maine ($6.286), and New York ($6.452).

The national average gas price hit a new all-time high of $4.418 per gallon.

Diesel is utilized in many industrial processes, such as manufacturing, farming machinery, and freight transportation (semi-trucks, ships, and trains).

Diesel prices had been on the rise before Russia’s invasion of Ukraine, driven by supply concerns amid a decline in international refining capacity. This has some market analysts warning that prices could remain elevated due to spot shortages.

A semi-truck fills up with diesel

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