Forget Gas Prices—Diesel Reveals the Real Crisis
As the Biden administration continues to drain the United States Strategic Petroleum Reserve (SPR) in a dubious gamble to suppress gas prices and win votes before the midterm elections, another fuel crisis is brewing.
While gasoline prices have indeed come down from this summer’s highs, diesel prices remain stubbornly elevated, and, more worrying, U.S. inventories have fallen to perilously low levels.
According to the Energy Information Administration (EIA), U.S. average retail diesel prices are up more than 45 percent year over year, to $5.34 per gallon. Wholesale diesel prices have spiked in the last few weeks, to more than $200 per barrel, 92.5 percent above last year’s levels….