U.S. national average retail diesel prices surged to a record high of $6.45 per gallon, with refinery outages in the Midwest exacerbating supply tightness.
The national average retail price for diesel has risen to $6.45 per gallon, a new record high, according to the latest data from the American Automobile Association (AAA). Meanwhile, ExxonMobil's large refinery in Joliet, Illinois, with a daily processing capacity of 275,000 barrels, ceased production last Sunday due to a power outage. Although power was restored on Thursday, fuel production has not yet restarted, further exacerbating the risk of tightening regional fuel supplies. Market participants warn that if the shutdown continues, diesel price pressure could spill over into the gasoline market and drive up fuel costs in several Midwest states.
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