The national average price for diesel hit a record $6.40 per gallon Thursday, up nearly 73% from last year.
AAA data showed diesel averaging $6.3956, up from $3.7075 one year earlier. It was the highest national average the organization has recorded.
At a campaign rally in North Carolina on Wednesday, President Donald Trump described the higher fuel prices as a relatively small “price to pay” compared to the prospect of Iran obtaining a nuclear weapon, justifying his actions against the Islamic Republic.
“It’s a very inexpensive price to pay for what we’ve done. Remember that,” Trump said. “It’s a little more. Frankly, even if it was a lot more.”
Trump predicted that fuel prices would soon fall sharply.
“But that’s going to come tumbling down…That’s going to be like rocket ships in reverse.”
Diesel prices began climbing after the war with Iran began earlier this year as disruptions to global oil supplies pushed crude prices higher. At the beginning of February, prices hovered around 3.68, but by mid-March diesel prices jumped to $4.80. The increase has accelerated again in recent weeks amid continued instability in the Strait of Hormuz, disruptions to Russian fuel supplies, and damage to a major Saudi pipeline.
Treasury Secretary Scott Bessent has argued that the elevated energy prices will not last indefinitely. In an interview broadcast earlier this month, Bessent predicted that crude oil could fall as low as $40 per barrel after the war ends.
“We’re going to get on the other side of this Iran conflict, and I expect that oil will come down,” Bessent said. “We’re going to be very much oversupplied in the oil market after this.”
Gasoline prices are also elevated. The national average reached approximately $4.44 per gallon Thursday, up from $3.20 one year ago, according to AAA. The current average remains about 58 cents below the record of $5.0165 set in June 2022.
Higher fuel prices could create political problems for Republicans ahead of November’s midterm elections, as Democrats blame the president for the increased costs.
“The average American family is spending an additional $4,200 every year because of Donald Trump,” California Democratic Gov. Gavin Newsom wrote on social media.
Newsom was referencing an estimate released by Democrats on the congressional Joint Economic Committee, which calculated that the average household had spent an additional $4,200 since Trump took office.
“Trump still can’t explain what this war is for,” claimed Sen. Mark Kelly (D-AZ). “All he’s delivered is higher gas and grocery prices.”
A national poll conducted in June found that about two-thirds of registered voters say that fuel costs will likely influence their votes in November.
