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The national average price of diesel fell for the fourth consecutive week — and by at least a dime for the third straight time — by 13.6 cents to settle at $5.432 a gallon, according to Energy Information Administration data released July 18.

The U.S. is exporting diesel at the fastest ever rate as the global market’s thirst for fuel remains insatiable.

WASHINGTON — President Joe Biden on June 22 called on Congress to suspend federal gasoline and diesel taxes for three months — an election-year move meant to ease financial pressures that was greeted with doubts by many lawmakers.

A wave of new oil refining capacity that’s coming on stream won’t be enough to solve a global shortage of diesel, jet fuel and similar petroleum products.

The national average price for a gallon of diesel reached a record high this week at $5.718 a gallon, according to data released by the Energy Information Administration June 13.

When industry pays more for diesel, it passes along the higher cost to customers and the financial pain ripples through the economy, driving inflation and squeezing everyday consumers. The only way out may be a painful one.

Farmers from Iowa to Ukraine are grappling with surging diesel prices and an unsteady supply, forcing them to spend unprecedented sums on fuel in a chaotic market and raising concerns about the autumn harvest.

With record-high diesel and gasoline prices across the country, oil industry analysts told Transport Topics the runaway energy market isn’t being caused exclusively by higher crude prices or the U.S. economy driving demand for petroleum products.

The national average price of diesel skyrocketed 34.9 cents to set an all-time record of $5.509 a gallon, according to Energy Information Administration data released May 2.

Russia’s invasion of Ukraine has set off a global scramble for diesel, prompting buyers around the world to snap up massive volumes of fuel from the U.S. Gulf Coast despite high prices.