North Dakota diesel tops $6 as U.S. prices hit record $6.31

  • Diesel prices reached record levels as North Dakota farmers approached soybean and corn harvest.
  • $6.31 per gallon marked the U.S. diesel record, according to AAA.
  • Russia continued its diesel-export ban Wednesday amid attacks on energy facilities.

North Dakota farmers are confronting diesel prices above $6 a gallon as the soybean and corn harvest approaches, with Chris McDonald saying his fuel costs are about double last fall’s level. AAA said U.S. diesel reached a record $6.31 per gallon, while gasoline averaged nearly $4.37. Market analyst Allison Thompson described fuel as a headline-driven trade, with the war with Iran disrupting oil shipping through the Strait of Hormuz and Persian Gulf and an attack on a Saudi Arabian pipeline jolting energy markets. The Russia-Ukraine war has also brought attacks on energy facilities, while Russia announced Wednesday that it would continue banning diesel exports. Farmers said the unusually high prices are difficult to manage as they replenish fuel after spring planting and other fieldwork. North Dakota also sends some soybeans to a Dickinson refinery for renewable diesel, but McDonald said his diesel with a 5% renewable blend costs about the same as traditional fuel.

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North Dakota diesel tops $6 as U.S. prices hit record $6.31 - CoinPost Terminal