business ⛽ California diesel hits $7 amid global fuel crunch
Diesel prices in California rose to $7 per gallon this Wednesday due to ongoing wars in Europe and the Middle East. This price hike is affecting truckers in the Golden State, with prices up about 37% compared to the same period last year. Global supply is disrupted as Ukrainian drone attacks impacted Russian exports and the Strait of Hormuz issues affected 1.2 million bpd of Middle East diesel. This fuel is crucial for transportation, agriculture, and industry worldwide. Prices are expected to stay high until damaged refineries resume operations in Russia and the Middle East. ⛽