US Retail Diesel Hits Record

US retail diesel prices reached a record high of $5.85 per gallon as of September 4, 2026, according to the American Automobile Association. This represents a significant increase from the $3.71 average recorded one year prior. Market volatility is driven by ongoing wars in Iran and Russia, which threaten to further escalate energy-driven inflation. Ed Hirs from the University of Houston has analyzed these record prices and the energy outlook leading into the midterms.