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 to rising fuel costs, US President Donald Trump lately pledged to "substantially lower Gas Prices for all Americans" through an oil agreement with Venezuela.
• In January, the former leader of Venezuela, Nicolás Maduro, was seized by US special forces after a raid authorised by President Trump.
• 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.

In the US, diesel is mostly applied by commercial vehicles, such as trucks, trains, boats, buses, farming vehicles and construction vehicles.

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).

Fuel rates have soared since the Iran conflict began at the end of February, reflecting the surge in wholesale oil costs.

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 latest agreement, confirmed on Saturday, calls for the development of 17 strategic oil fields with a proven potential of 65 billion 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.