The pump price of diesel — the lifeblood of the economy — hit $5.47 a gallon on Tuesday, nearing its all‑time high of $5.82 as wars in the Middle East and Europe hobble production. Prices have jumped 8 per cent in the past month and the diesel‑crude crack spread reached a record, signalling a deepening supply shock.

The surge is driving up costs for truckers and farmers, threatening to reignite inflation and squeeze consumers. “It’s already a crisis — a quiet crisis,” said Tom Kloza, chief energy adviser at Gulf Oil. Robert Campbell at Energy Aspects warned that with refineries running flat out, any outage could tighten supplies further.

Geopolitical tensions — including the US‑Iran conflict, Ukrainian drone attacks on Russian refineries and reduced Chinese exports — have left the US as the “supplier of last resort.” Analysts such as Kevin Book caution that a hurricane or further disruption could push prices to “stupid numbers” of five to seven dollars a gallon. The White House, via spokesperson Taylor Rogers, says it is taking decisive actions, but export restrictions may be reconsidered if prices stay high ahead of the November midterms.