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Here’s why diesel prices are aiming for record highs

May 21, 2018 at 09:17 AM CST

Prices for diesel fuel may revisit record highs within the next year or two, affecting many markets—from refiners to transportation to agriculture.

U.S. diesel prices at the pump stood at $3.167 a gallon on Friday, according to data compiled by the Oil Price Information Service, or OPIS, for motoring and leisure-travel group AAA. They averaged $3.09 a gallon this month, the highest monthly level since December 2014. “Prosperity in the global economy comes with a price, and it can really manifest itself in diesel or jet fuel prices,” says Tom Kloza, global head of energy analysis at OPIS.