Record U.S. diesel prices hit $6.20 as oil tops $100 and Fed hike odds rise

  • U.S. diesel prices reached a reported record $6.20 a gallon, with California prices above $8.14, while Brent and WTI crude exceeded $100.
  • The newer report described a 78% nine-month increase; diesel had averaged about $6 nationally after breaking the previous $5.85 record.
  • On September 10, traders priced a 72.4% chance of a Federal Reserve rate hike next week, while Goldman Sachs put 12-month recession risk at 15%.

U.S. diesel prices reached a reported record $6.20 a gallon, up 78% over nine months, while Brent and WTI crude rose above $100 as disrupted energy flows and depleted reserves intensified fuel-market stress. California prices exceeded $8.14, and diesel averaged about $6 nationally after surpassing the prior $5.85 record. Higher fuel costs are pressuring agriculture, freight, shipping, logistics and consumers, while market-based expectations for a Federal Reserve rate hike next week rose to 72.4% on September 10. Goldman Sachs cut its 12-month recession-risk estimate to 15% from 30% in March but warned another energy shock could raise it.

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