Diesel hits a record $5.85 a gallon as Trump touts a sweeping oil deal with Venezuela that could reshape U.S. fuel costs.
Diesel Prices Surge to Record
Diesel climbed to $5.85 a gallon on Sept. 4, the highest ever recorded, surpassing the previous peak of $5.8159 in June 2022, AAA data shows. The national average rose from $5.7832 on Thursday to $5.85 on Friday, up from $5.3715 a month earlier and $3.7121 a year ago. A diesel fuel pump sits in a cradle at a gas station in Princeton, Illinois, as captured by Daniel Acker for Bloomberg via Getty Images.
Stephen Schork, principal of The Schork Group, said the price spike reflects tight refining capacity and geopolitical strain, noting that “the market is under pressure from reduced supply and rising demand.”
Trump Announces ‘Biggest Oil Deal’
President Trump declared on Friday that a new agreement with Venezuela could become the “biggest oil deal in world history” and would substantially lower gasoline prices, according to a White House statement provided to Fox News Digital. He added that the administration is meeting with refiners to expand domestic refining capacity, which he says will push pump prices lower.
Taylor Rogers, White House spokeswoman, said the President remains committed to unleashing American energy dominance and maintaining control of the Strait of Hormuz, predicting that oil and gas prices will return to pre‑conflict levels. The administration argues that increased domestic supply will ease pressure on global markets.
Political Reactions and Market Context
Sen. Mark Kelly of Arizona posted on X that “diesel prices have skyrocketed since Trump started his war with Iran,” warning that higher diesel costs feed into food prices for all Americans. He emphasized that the rising expense impacts supply chains, farms, and ultimately consumers.
The Schork Group principal Stephen Schork noted that the market is under pressure from reduced supply and rising demand, a dynamic that could be mitigated by the Venezuelan deal. He said the potential influx of 1.5 million barrels per day could generate $200 billion in revenue, easing price pressures.
AAA data shows regular gasoline averaging $4.1474 a gallon as of Friday, up from $3.2016 a year ago and near the June 2022 record of $5.0165. The surge reflects ongoing tension with Iran and limited refining capacity.
