Diesel Just Hit a New Record High, and it Won't Stop Anytime Soon

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Howdy, readers. Things really aren’t going to be looking up anytime soon, are they? The average price of diesel just hit a new record for a third consecutive day. It now sits at $5.43 per gallon. That’s actually a significant jump over yesterday’s $5.37, according to AAA.

Gas prices also continuing to rise, but not at quite the same pace. The average price of a gallon of regular gasoline is now $4.23, up three cents from yesterday.

While gas prices (and everything else) seem bad right now, they could certainly be getting a lot worse soon. According to Reuters, the European Union now appears to be planning a phase out of Russian oil imports. That means you can expect prices to get higher across the world.

Brent crude futures rose $3.99, or 3.8%, to $108.96 a barrel by 1121 GMT. West Texas Intermediate crude futures rose $4.05, or 4%, to $106.46 a barrel.

European Commission President Ursula von der Leyen on Wednesday proposed a phased oil embargo on Russia over its war in Ukraine, as well as sanctioning Russia’s top bank, in a bid to deepen Moscow’s isolation.

The Commission’s measures include phasing out supplies of Russian crude within six months and refined products by end-2022, von der Leyen said. She also pledged to minimize the impact on European economies.

Hungary and Slovakia, however, will be able to continue buying Russian crude oil until the end of 2023 under existing contracts, an EU source told Reuters on Wednesday.

“Russian oil is now ‘bad oil’,” SEB chief commodities analyst Bjarne Schieldrop said.

“This energy war of ‘good oil’ versus ‘bad oil’ has just started,” he added.

Let’s take a look at today’s gas price winners and losers.

Here is the highest average gas prices in the country in order of highest price for a gallon regular:

Here is the lowest average price of gasoline in the country in order of lowest price per gallon of regular:

See everyone tomorrow, when prices break another record!