The price of diesel in Texas has reached an all-time high of $5.96 per gallon, placing extra pressure on truck drivers, transport companies and businesses which rely heavily on fuel.
The most recent statewide average has gone beyond the diesel price record that Texas last recorded at $5.33 per gallon in June 2022. There has also been a rapid increase in prices in the past few days, rising from $5.58 on September 11 to $5.96 on September 17.
Regular gasoline is also increasing in price. By September 17th the average price across the state had reached $3.93 per gallon, getting back to the levels observed in the spring. Although this is still less than Texas’s all-time record price for gasoline of $4.69 per gallon set in June 2022, further price increases might lead to the state having its highest September average gasoline price on record.
The report says that a major part of the recent rise can be traced to disturbances caused by the conflict with Iran, since this situation has placed extra pressure on global oil supplies and the energy markets, and it is also said that fuel stocks and the strategic crude reserves used to reduce prices are being used up.
Higher prices for diesel could have wider economic effects since trucking and freight companies depend greatly on the fuel to transport goods all over Texas and the rest of the country. Continued increases in price could eventually lead to higher transportation and operating costs for businesses.
In Ciudad Juárez, in Mexico, diesel is still a little cheaper, with various stations charging about $5.59 to $5.61 per gallon.
Source: Belleville News-Democrat / USA TODAY Network via Reuters Connect
Author: Maria Cortes Gonzalez
Original Link: https://www.bnd.com/news/business/article317283263.html