Drivers in the US are paying more than ever for diesel at the pump as the US-Israel war with Iran continues to weigh on Americans’ wallets.
Diesel is primarily used in the US by commercial vehicles, including trucks, trains, boats, buses, agricultural machinery and construction equipment.
The average price of a gallon of diesel has climbed to $5.85, up from $3.71 a year ago and above the previous record set following Russia’s full-scale invasion of Ukraine, according to the American Automobile Association (AAA).
Fuel prices have surged since the conflict with Iran began at the end of February, reflecting a sharp increase in wholesale oil prices.
In response to rising fuel costs, US President Donald Trump recently pledged to “substantially lower Gas Prices for all Americans” through an oil deal with Venezuela.
In January, former Venezuelan leader Nicolás Maduro was seized by US special forces following a raid authorised by Trump.
The latest agreement, announced Saturday, calls for the development of 17 strategic oil fields with a proven potential of 65 billion barrels.
It also includes “an investment of more than $100bn (£73.9bn) and more than $209bn in taxes” for Venezuela, according to interim Venezuelan President Delcy Rodríguez.
The US government will retain a 55% stake in a joint venture with an “experienced private operator in Venezuela”, a US official told CBS News, the BBC’s US partner.
But some analysts have reacted with scepticism, questioning whether the agreement will overcome the long-running obstacles that have deterred investment in Venezuela’s oil industry.
Oil is a key component of vehicle fuel, and supplies have been constrained by Iran’s response to the war, which has effectively closed the Strait of Hormuz.
The narrow waterway south of Iran is a critical global energy chokepoint through which roughly a fifth of the world’s oil is transported.
Soaring pump prices have also angered US voters ahead of the crucial midterm elections in November.
According to recent Reuters/Ipsos polling, Trump’s approval rating has fallen to 33%, while only 31% of Americans approve of the conflict.
However, the impact of higher fuel prices varies significantly across the US. AAA data shows that motorists in Western states are paying considerably more than those elsewhere, partly because of differences in taxes and the region’s distance from major US oil-producing areas.
In Washington state, for example, the average diesel price is $6.81 a gallon, compared with $5.03 a year ago.
Americans are also facing historically high gasoline prices. The national average has reached $4.15 a gallon, up from $3.20 a year ago.