The cost of a gallon of diesel fuel in the U.S. topped $5.25 a gallon Saturday, up 7 cents in a single day and 18 cents in a week, easily smashing the previous record of $5.13 a gallon set March 12.
Bulgarian Prime Minister Kiril Petkov on Wednesday accused Moscow of using natural gas for"blackmail" after Russia's state-controlled energy company said it would stop supplying his country, as well as Poland.In another blow to the U.S. economy, diesel fuel prices are skyrocketing to new records in reaction toThe cost of a gallon of diesel fuel in the U.S. topped $5.
The price spread between diesel and gasoline has widened. Diesel cost 20 cents more a gallon a year ago when the oily fuel averaged $3.08 a gallon. On Saturday, the difference between the two was $1.13 and rising. As for Poland and Bulgaria, “the cutoff has already drastically raised the price of diesel worldwide,” said Tom Kloza, global head of energy analysis for the Oil Price Information Service.When it comes to"distillate" fuels like diesel, home heating oil or jet fuel, the fallout from Russia’s invasion of Ukraine shows prices “can go parabolic at any moment.”
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