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Diesel Crisis Hits Global Supply | US News
Diesel prices just hit a record high of $102.20 per barrel, fueled by global supply chaos from wars in Iran and Ukraine — hitting farmers hardest during harvest season. But this isn’t just an agricultural crisis: diesel powers manufacturing, shipping, and power generation worldwide, so soaring costs ripple through the entire economy. Global stockpiles are dangerously low, with Russia and Middle East exports disrupted by Strait of Hormuz bottlenecks and Russia’s refinery bans. Even as U.S. refineries ramp up output, domestic inventories are plummeting as foreign buyers snap up every drop. With…
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