US diesel prices hit an all-time-high

ByMitchell Labiak Business reporter. 4 September 2026, 10: 58 BST.

Key points

• According to recent Reuters/Ipsos polling, Trump's approval rating has fallen to 33%, with just 31% of Americans approving of the conflict.
• For example, in Washington, average diesel rates are $6.81 a gallon, compared to $5.03 a gallon a year ago.
• In response, US President Donald Trump lately pledged to "substantially lower Gas Prices for all Americans" through an oil agreement with Venezuela.
• Drivers in the US are paying more than ever for diesel at the pump as the US-Israel war with Iran continues to hit Americans' wallets.
• Fuel rates have soared since the Iran conflict began at the end of February, mirroring the surge in wholesale oil costs.

Notably, the average cost for one gallon of diesel in the US has hit $5.85, compared to an average of $3.71 a year ago and above the previous high after Russia's full-scale invasion of Ukraine, according to the American Automobile Association (AAA).

In response, US President Donald Trump lately pledged to "substantially lower Gas Prices for all Americans" through an oil agreement with Venezuela. It the US invaded in January.

As well as "an investment of more than $100bn (£73.9bn) and more than $209bn in taxes" for Venezuela, according to Interim Venuzuela President Delcy Rodríguez, the agreement, confirmed on Saturday, calls for the development of 17 strategic oil fields with a proven potential of 65bn barrels.

For context, the US administration will retain 55% control of a joint venture with an "experienced private operator in Venezuela", a US official informed the BBC's US partner CBS News.

But some analysts have reacted with scepticism, including questioning whether the accord would address long-running obstacles that have deterred investment in Venezuela's oil industry.

Oil is a key ingredient in car fuel and supplies have been limited by Iran responding to the war by effectively closing the Strait of Hormuz, a narrow waterway south of the country through which a fifth of the world's oil is transported.

Rocketing pump rates have angered US voters ahead of the crucial midterm elections in November.

Nevertheless, not all Americans face the same level of rate rises. According to the AAA's data, those in the Western states pay much more than those elsewhere, due to tax differences and distance from US oil producers.

As well as high diesel rates, Americans additionally face historically high petrol costs, with the average cost per gallon reaching $4.15 compared to $3.20 a year ago.

In short, US diesel prices hit an all-time is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.