Diesel Prices Hit Record as Global Refining Crunch Worsens

U.S. diesel prices hit a record above $6.50 per gallon as a global refining crunch, worsened by supply losses from Russia and the Middle East, drives fuel costs to new highs. Washington is debating an export ban to ease domestic prices. Russia extended its diesel export ban through October amid Ukrainian drone attacks on refineries, while Middle East diesel output losses are three times larger than Russia's, per the International Energy Agency. Congress members proposed a U.S. export ban, but Energy Secretary Chris Wright opposes it, warning it could backfire. The crisis stems from refinery closures over the past decade due to net-zero policies, leaving insufficient capacity to offset losses. A U.S. ban could trigger similar actions by China and India, worsening shortages, with Europe likely hit hardest due to its import dependence.