US diesel and fuel price surge 2026

American's third-quarter adjusted loss was 28 cents per share.

American Airlines forecast a full-year adjusted loss between $1 and $1.60 per share for 2026.

American Airlines is based in Fort Worth, Texas.

Southwest Airlines cut its 2026 profit forecast due to higher fuel prices.

Southwest Airlines forecast per-share adjusted earnings of between 55 cents and 80 cents in the fourth quarter.

Southwest Airlines' revenue rose more than 21% to $8.42 billion in the third quarter.

Republican Senate candidate Michael Whatley is facing former Democratic Governor Roy Cooper.

Trump held a rally at Pitt-Greenville Airport on Tuesday.

A Trump supporter named Steve said it would take an act of God to lower prices before the election.

Diesel prices hovered near a national average of about $6.32 per gallon on Tuesday after hitting a record high in September.

Trump announced the relief program at a campaign rally in Kansas and on social media.

The relief program is called the Harvest Fuel Relief Program.

Trump made the announcement in Kansas on Monday night.

The announcement was part of Trump's midterm pitch.

President Donald Trump announced a new fuel relief program for farmers.

Scott Belden is 55 years old.

The average price for a gallon of diesel was $6.32 on Thursday, according to AAA.

Belden burns 90 to 100 gallons of diesel per day during harvest.

Prices have surged as Ukraine has pounded Russian refineries and Iran and its Houthi allies have attacked energy facilities around the Persian Gulf.

The IEA is headquartered in Paris.

IEA members agreed in March to deploy 400 million barrels of oil in response to the global supply disruption triggered by the Iran war.

Brent crude December futures dropped 1.66% to $104.31 a barrel.

Oil fell on Thursday as traders assessed potential supply disruptions following attacks on ships passing through the Strait of Hormuz and digested the International Energy Agency's latest monthly oil market report.

U.S. West Texas Intermediate November futures fell 1.09% to $94.05 per barrel.

Patrick Pouyanné said the energy crisis ignited by almost eight months of war in the Middle East had provided plenty of opportunities.

The market value of Marathon Petroleum, Valero Energy and Phillips 66 have more than doubled since the start of the crisis.

Shell expects to make record profits from each barrel of fuel produced over the last three months.

Heating oil prices in Connecticut have reached $5.69 a gallon as of October 2026.

Brittney Worden said she expects to pay close to $5,000 to heat her home this winter.

Trump defended the diesel import plan in a social media post, calling it the right choice for the American People.

Canadian Prime Minister Mark Carney and UK Defence Secretary Wes Streeting criticised the deal.

Treasury Secretary Scott Bessent said the agreement would work through existing legal channels and that anyone in Congress who said it would not was wrong.

Trump announced that Russia and Ukraine had reached an energy ceasefire.

The lawmakers' statement was signed by Republicans Susan Collins, Lisa Murkowski, Thom Tillis and John Curtis, as well as Democrats Jeanne Shaheen, Richard Blumenthal and Ron Wyden.

A group of seven senators, including four Republicans and three Democrats, said the deal violated US laws and urged Trump to reverse course.

Canadian Prime Minister Mark Carney criticised the diesel deal.

Suave Dorsett said that smaller owner-operators would slowly fall off and create a chain effect that could put pressure on larger carriers.

Miami-based trucker Suave Dorsett said he was seeing diesel at $7.40 per gallon while traveling through Ohio.

Trump predicted at a rally in San Antonio, Texas, that oil prices would come down like a rock once the war with Iran ends.

Trump said diesel prices for Americans and the world would come down in record numbers and fast.

Trump issued an executive order allowing truckers to use tax-exempt offroad diesel on highways without federal penalties.

Ukrainian President Zelensky condemned the deal, saying gifts to Putin would not bring peace and that Russia would repay the diesel with further terror.

United Airlines is expected to report earnings after the market close on October 20.

Delta cut its earnings outlook for the year to adjusted earnings per share of $5.10 to $5.60, down from its July forecast of $6.50 to $7.50.

Delta's stock fell 1.1 percent from Friday's opening price in midday trading.

Elon Musk said on X that Delta CEO Ed Bastian would lose his job over the matter after the View from the Wing travel blog reported Bastian told staff at an internal event that Delta does not want to be with Elon Musk.

Jet fuel prices in the U.S. Gulf of Mexico region almost doubled to $4.34 on Thursday from $2.19 a year earlier, according to FactSet.

SpaceX's Starlink Wi-Fi has become the main supplier of satellite Wi-Fi for airlines, with partnerships including United Airlines, American Airlines, Southwest Airlines and Alaska Airlines.

Trump announced a deal with President Vladimir Putin for Russian diesel to be released immediately to the US and global markets.

Several states including Ohio and Georgia have cut state taxes on gasoline at Trump's urging.

Trump said the deal included immediate supply of over 300,000 tonnes of Russian diesel, 500,000 tonnes in November, and a further million tonnes immediately thereafter.

The average price of a gallon of gas in the U.S. is $4.36, according to AAA.

A large-scale U.S.-Israeli attack in the winter prompted Iran's closure of the Strait of Hormuz, resulting in the largest oil supply shock ever recorded.

Roughly four of every 10 barrels of crude now exit the region without going through the Strait of Hormuz, according to Kpler.

Japan's Nikkei share index fell 1.4% and the South Korean Kospi fell 2.6%.

Unnamed officials in Donald Trump's administration said the size and targets of potential strikes against Iran, and whether they would go ahead, were still being debated.

The yield on the UK 30-year bond rose by three basis points to 6.0117%.

China reportedly curbs its exports.

The Group of Seven has agreed to release 100 million barrels of oil and diesel from its emergency stockpiles over four months.

Ukrainian attacks damage Russian refineries.

As of Thursday, the national average for gas prices was $4.36 per gallon.

Diesel prices reached almost $6.53 per gallon on Sept. 22.

Traders on Kalshi give Democrats 63% odds of taking control of the Senate from Republicans.

Rising Middle East crude exports and an emergency G7 stockpile release appear to have helped ease supply fears.

Trump signed an executive order to temporarily allow truckers and farmers to use red-dyed diesel and deferred related taxes on the fuel through the end of this year.

Chevron stock is up over 36% year-to-date.

Homes using propane are forecast to spend an average of $1,246 this winter, down 3%.

The EIA predicts overall heating-oil consumption will fall 9% this winter even as spending on the fuel jumps.

Home heating oil prices are expected to average $5.26 a gallon during the winter heating season, up 34% from last winter, according to the U.S. Energy Information Administration's Winter Fuels Outlook.

Trump made his remarks in a Truth Social post on Monday.

Patrick DeHaan said the US told some EU members to release strategic reserves or face a potential US diesel export ban, pushing France and Germany to do so.

An AP-NORC poll found that 65 percent of Americans blamed Trump's policies for higher prices, while 61 percent said the US economy is worse off than when Trump returned to office.

Trump said Washington would not impose a diesel export ban.

The average US price for a gallon of diesel was $6.50, up from $5.61 a month earlier, according to AAA.

The G7 urged member countries to refrain from imposing export restrictions on energy products among themselves.

US President Donald Trump demanded G7 leaders release oil and diesel reserves.

Trump threatened to ban all US exports of diesel if European nations did not agree on the measure.

Crude oil prices eased after G7 leaders agreed to release oil and diesel reserves.

An ExxonMobil refinery in Joliet, Illinois shut down for more than a week due to a power outage and flooding, taking more than 80 million gallons of diesel and gas offline.

The Columbus school district has recently cut nearly 300 jobs, closed four schools, and limited bussing for students.

Joe Hamilton farms corn and soybeans on 2,500 acres in Indiana's Delaware county.

Trump said Washington would not impose a diesel export ban.

The release includes a substantial diesel release within the first 20 days.

The G7 urged member countries to refrain from imposing export restrictions on energy products among themselves.

Trump has been openly considering a U.S. diesel export ban.

Since the start of the year, Brent prices are up more than 60%.

Andy Lipow said the release could temporarily reduce diesel prices by 25 cents per gallon.

Brent crude futures with December expiry traded down 2.5% at $99.78 per barrel.

Oil prices fell on Friday following reports of a potential move to release additional diesel and crude stocks.

Reuters reported that EU member states were discussing a French proposal to release additional diesel reserves following pressure from the Trump administration.

The Trump administration pressured Europe to release diesel stocks as an alternative to the U.S. imposing an export ban.

The G7 nations agreed on Friday to release 100 million barrels of reserves to address surging diesel fuel prices.

France currently holds the G7 presidency.

Simon Williams is the head of policy at the RAC.

Fawley in Hampshire, the UK's biggest refinery, is set to shut for up to 10 weeks for planned maintenance.

The UK has reserve diesel supplies for 42 days.

G7 leaders said they will coordinate maintenance schedules to avoid multiple refineries being shut down at the same time.

Trump later said an export ban on diesel was never really on the table.

UK diesel prices at the pump topped £2 a litre for the first time on Friday.

Matt Smith of Kpler said oil prices reversed course due to rumours of Saudi Arabia planning an offensive into Yemen.

The G7 agreed to release 100 million barrels of oil and diesel to ease supply pressures.

The US produces roughly four to five million barrels of diesel per day according to the EIA.

Twelve EU member states recorded new all-time highs in diesel prices, including Italy, Belgium, Romania, and Poland.

France and Germany hold more than a third of the EU's strategic diesel reserves.

EU trade chief Maros Sefcovic said a US ban on diesel would be unexpected but would have detrimental effects on Europe's economy.

Trump has previously urged Ukrainian President Zelenskyy to stop targeting Russian oil refineries.

Benedict George of Argus Media said the U.S. has supplied about half of Europe's diesel imports over the last couple of months.

Average U.S. diesel prices were around $6.50 a gallon on Friday, up sharply from a year ago.

GasBuddy's Patrick De Haan shared his outlook on gas prices over the next week.

The average price of a gallon of regular gas has risen by more than $1.50 since the war with Iran began.

Drone attacks have damaged major refineries in Russia, forcing cutbacks or halts in production.

US Energy Secretary Chris Wright said he was in touch with major oil refiners to gauge interest in a potential voluntary restriction on diesel exports.

President Trump said he supported restricting diesel exports from the US.

The old energy map was built on the assumption that the Strait of Hormuz would keep functioning reliably.

Red Sea and Black Sea routes are under strain, forcing producers to find new ways to keep oil moving.

Fuel markets remain tight and the economic fallout is spreading.

The closure of the Strait of Hormuz during the war took about 20% of the world's oil off the market.

Joseph Brusuelas is chief economist for RSM.

The Middle East conflict began in February.

Europe produces about 70% of the diesel it consumes from domestic refineries.

A UK government spokesperson said forecourts in the UK are being supplied with petrol and diesel as normal and the UK has a diverse and resilient supply.

Trump is reportedly considering a 90-day export ban to provide temporary respite from high pump prices before the midterm elections.

Collins and King asserted in their letter that the conflict in the Middle East and the Russia-Ukraine War have prevented additional heating oil from reaching the global market.

Maine's two U.S. senators, Republican Sen. Susan Collins and Independent Sen. Angus King, Jr., urged President Donald Trump to release home heating oil from the Northeast Home Heating Oil Reserve.

Sen. Angus King is listed as a member of the Senate Democratic caucus.

Trump said Tuesday that he has advocated for a diesel export ban during deliberations within his administration.

Major U.S. business groups warned President Trump against a diesel export ban in a joint letter.

Russia was previously the second-largest diesel exporter in the world.

Trump said a decision on whether to implement a diesel export ban would quickly be made.

Republican Senator Chuck Grassley of Iowa has called for a diesel export ban.

Ukraine's attacks on Russian refineries have forced Moscow to implement a diesel export ban.

Maine residents will spend an average of nearly $675 more to fill a standard 275-gallon tank than they would have a year ago, according to the DOER.

The Low Income Home Energy Assistance Program is a federally-funded program that provides $4 billion in annual support to defray heating costs.

The average heating oil price in Maine was $5.77 per gallon, 74% higher than a year ago, according to the Maine Department of Energy Resources.

Clint Henderson is the managing editor of The Points Guy.

Clint Henderson shares steps to follow if a flight is cancelled and discusses whether some flights are more at risk of cancellation than others.

Ukraine said it conducted strikes on Russia's Yaroslavl oil refinery on Thursday.

Goldman Sachs raised its price forecast for Brent crude oil to more than $120 per barrel if Persian Gulf oil flows remained low.

Russia extended a ban on diesel fuel exports through at least the end of September after Ukrainian drone strikes damaged energy assets.

Overall winter heating costs are expected to rise by more than 8.7% this year, according to the NEADA report.

The nationwide average price for a gallon of regular gas rose by $1.53 since the U.S. war with Iran started.

The average price for a gallon of diesel was around $6.43 as of Friday morning, according to GasBuddy data.

The Houthis announced a roughly 10 percent increase in the price of petrol on Monday.

The Houthi-run Yemen Petroleum Company said the diesel and petrol price increase was the result of a global increase in fuel prices and promised it would be temporary.

Fighting resumed in Yemen in the past few months after a four-year period of relative calm.

Wolfe said his organization has been lobbying Congress to appropriate more funding for federal heat assistance programs, but the chamber is in recess until November.

Diesel fuel hit an all-time high of $6.31 per gallon on Wednesday.

Buffington said approximately 20% of the world's refining capacity is offline.

Nevada had an average gas price of $5.19 as of Sept. 17, 2026.

California, Alaska, and Hawaii averaged $6.01, $5.07, and $5.48 respectively for a gallon of regular unleaded fuel on Sept. 17, 2026.

The nationwide average for one gallon of unleaded, regular fuel was $4.44 on Thursday, Sept. 17, 2026.

Retail sales climbed 1.2% from July to August despite energy-related inflationary pressures.

J.B. Hunt finance chief Brad Delco said to expect a drop in earnings between 5% and 10% from the second to third quarter due to higher costs.

Shares of J.B. Hunt dropped more than 13% in a Wednesday trading session.

Trump said the attacks on Russia's refineries are triggering diesel fuel shortages and higher prices.

President Trump called on Ukraine to stop targeting Russia’s refineries.

Energy trader John Arnold said the underlying supply posture was already bullish.

Oil accounts for 40% of global energy production and 96% of transportation fuel.

The global economy requires approximately 100 million barrels of oil per day.

Gas prices peaked at $4.56 per gallon on May 21, according to AAA's national average.

U.S. oil prices are above $100 per barrel.

U.S. gas prices last hit a record high of just over $5 per gallon in June 2022.

The U.S. crude oil futures contract surged about 50% from its summer low of $68.55.

The U.S. reimposed its naval blockade of Iran in July after the MOU collapsed.

China's crude imports plunged to a wartime low of around 6 million bpd in June, down from 11.5 million bpd in February, according to Kpler data.

The national average price of gasoline hit $4.29 a gallon, according to AAA.

Patrick De Haan said Ukrainian drone strikes on Russia's energy infrastructure have sharply reduced the country's ability to refine oil.

Thomas Ryan said businesses are likely to pass along higher diesel costs to consumers over the next few months if those costs remain elevated.

The U.S. dollar fell to 154.35 Japanese yen from 154.42 yen.

Hong Kong's Hang Seng dipped 0.8% to 24,753.54.

Brent crude reached its highest price since May.

On Thursday, Brent crude peaked at around $108 a barrel, while WTI hit more than $104.

As of 6:27 a.m. ET, front-month Brent crude oil futures were down by 3.58% to trade at $103.78 a barrel.

Friday's decline snapped five consecutive days of gains for Brent crude and an eight-day winning streak for WTI.