BREAKING: US diesel is now closing in on a $6/gallon national average, for the first time in history, with wholesale prices surging 13 cents/gallon tonight. California could surge past $8/gallon statewide in the coming days, with San Francisco's average hitting an all-time high of $8.23 already. The state average is more than $2.60 higher than a year ago today. Some California pumps are not even built to display what could come next, as they top out at $9.99. This comes as Iran has rejected the latest Trump proposal and launched at least 4 waves of missiles and drones toward the Strait of Hormuz today.
The Hormuz Letter · View on X