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The world has seen a sharp spike in diesel prices in recent months, driving up transportation costs and prompting various interventions by leaders across the globe.
As diesel set a series of record highs, nations have responded by suspending some gas taxes, raising interest rates to curb rising prices, and issuing new rules and regulations to control diesel flows.
Here’s what to know about how the diesel crisis came about and where it’s going.
Ongoing Diesel Crisis
Armed conflicts have tightened supply for crude oil, leading to price increases for both diesel and regular gasoline.
The average pump price for a gallon of regular gasoline was $4.36 a gallon as of Oct. 7, according to the American Automobile Association, or AAA. Diesel was much higher, at around $6.30 a gallon, reaching a record high of $6.52 at the end of last month….
As diesel set a series of record highs, nations have responded by suspending some gas taxes, raising interest rates to curb rising prices, and issuing new rules and regulations to control diesel flows.
Here’s what to know about how the diesel crisis came about and where it’s going.
Ongoing Diesel Crisis
Armed conflicts have tightened supply for crude oil, leading to price increases for both diesel and regular gasoline.
The average pump price for a gallon of regular gasoline was $4.36 a gallon as of Oct. 7, according to the American Automobile Association, or AAA. Diesel was much higher, at around $6.30 a gallon, reaching a record high of $6.52 at the end of last month….
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