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GasBuddy: Corn Belt diesel prices increase amid Middle East conflict
(Brownfield file photo – Credit: Brent Barnett/Brownfield)
A fuel economist says tensions in the Middle East have impacted the price of diesel in the U.S.
Patrick De Haan, head of petroleum analysis at GasBuddy, says diesel has jumped in recent days as crude oil has become volatile.
“In fact, diesel prices very quickly jumped 20 cents per gallon,” he said. “Some areas across the Corn Belt saw diesel increase from 25-to-50 cents per gallon.”
He tells Brownfield lower inventories have been another factor.
“Inventories of diesel are nearly 20% below the five-year average for this time of year,” De Haan said. “Diesel is being a little bit more impacted because inventories are extremely low, whereas gasoline prices have inched up in some areas 5-to-10 cents per gallon depending on where you may be.”
De Haan says oil prices have plummeted nearly $15 per barrel due to the fragile cease-fire situation between Iran and Israel.
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