US Diesel Prices Top $6.50 a Gallon for First Time as Americans Spend $116 Billion More on Fuel Since March

US retail diesel prices have surpassed $6.50 a gallon for the first time on record, with GasBuddy data showing that 47 of 50 states have now set all-time diesel price records in 2026. The three remaining states, Massachusetts (4 cents away), New York (3 cents away), and Rhode Island (9 cents away), are each within striking distance of their own records. Since March 1, Americans have spent $71 billion more on gasoline and $41 billion more on diesel compared to the same period a year ago, a combined additional burden of $116.1 billion.

The surge in prices has been a windfall for US refiners, with Valero Energy, Marathon Petroleum, and Phillips 66 each seeing quarterly earnings per share nearly quadruple year-over-year, and the S&P Composite 1500 Oil and Gas Refining and Marketing Index more than doubling in 2026. That rally is now facing political and market headwinds: Politico reported that Republican allies of President Donald Trump are calling for restrictions on diesel exports ahead of November's midterm elections, citing the toll on consumers. Jefferies responded by downgrading both Valero and Marathon Petroleum to hold from buy, and shares of each fell roughly 2% on Tuesday while the refiner index dropped about 1% for a second consecutive session.

The price shock is not limited to the United States. European markets closed mixed on Tuesday as the continent faces what analysts are describing as another energy crisis, with some drawing comparisons to the 2022 selloff. Global supply constraints tied to ongoing conflicts, including tensions around the Strait of Hormuz, are limiting diesel supplies worldwide, adding pressure across both sides of the Atlantic.