Diesel Hits Record Highs as Iran Tensions Boil Over, But Ross Gerber Says EVs Are the Real Answer

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If you thought gas prices were bad, diesel just made things a whole lot worse. The national average for diesel hit a fresh all-time high on Thursday, according to GasBuddy analyst Patrick De Haan, and it's not hard to see why. With the U.S. and Iran trading blows, the cost of moving goods is climbing fast, and that's a bill that eventually lands on everyone's doorstep.

Diesel Prices Shatter 2022 Record

De Haan took to X on Thursday to break the news: "The live U.S. national average price of diesel has set a new record: $5.820/gal," he wrote, noting that it had surpassed the "previous daily $5.819/gal all-time high that occurred June 17, 2022."

When someone asked whether diesel prices could top the 2022 yearly average, De Haan didn't mince words: "Very possible around late Sept early Oct yes." The diesel crack spread, which measures refinery profit margins on turning crude into diesel, had already surged to a record $102 per barrel earlier.

For context, the American Automobile Association (AAA) put the national average diesel price at $5.7832 per gallon on Thursday. In California, it's even worse, with diesel crossing the $7 mark to hit $7.6034 per gallon.

Ross Gerber: Iran's Leverage Won't Last

Investor Ross Gerber of Gerber Kawasaki sees the current fuel price spike as more than just a headache at the pump. He's framing it as a wake-up call. "Gas prices are rising again as the Iranians want US consumers to pay for trumps war," Gerber said, suggesting Iran is betting that inflation will "win the war for them."

But Gerber isn't panicking. He pointed to alternative energy and EVs as "wonderful alternatives" amid surging energy costs. "Iran's little leverage over a small part of the ocean won't last," he added. The investor has previously argued that the Iran conflict presents a golden opportunity to finally kick the world's oil habit.

Trump Weighs Ending the War

Meanwhile, the economic strain is getting attention at the highest levels. President Donald Trump has reportedly discussed the possibility of declaring an end to the Iran war with Pentagon officials, as the conflict continues to squeeze ordinary Americans already dealing with high costs.

The situation escalated after the Trump administration approved a "tanker for tanker" policy against Iran, targeting two Iranian government vessels in the region. The two sides have exchanged missile strikes, with one U.S. strike tragically hitting a wedding ceremony in Kuhestan, Iran, killing four people, including a child.

For now, diesel prices are a stark reminder that geopolitical turmoil has a direct line to your wallet. Whether the war ends soon or drags on, the push for alternatives is only going to get louder.

Stock Market News

Diesel Hits Record Highs as Iran Tensions Boil Over, But Ross Gerber Says EVs Are the Real Answer

Get Market Alerts

Diesel Prices Shatter 2022 Record

Ross Gerber: Iran's Leverage Won't Last

Trump Weighs Ending the War

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