The Diesel Dilemma: Supply Woes Drive Record Prices
Despite nearly pre-war crude oil exports from the Strait of Hormuz, diesel movement has lagged, pushing the national average price for a gallon of diesel to a record $6.53 late last month.
Ships are carrying almost as much crude oil through the Strait of Hormuz as they did before the Iran war, but shipments of diesel, the fuel the world needs most, remain sharply reduced. 53 late last month. In California, the pace of diesel movement has also been weak.