For the second time in American history, average diesel prices exceed $5 per gallon

The average retail price of diesel in the United States on Monday exceeded five dollars per gallon for only the second time in history, with supplies of this industrial fuel declining due to the war in the Middle East, according to a company that tracks fuel markets (Gas Buddy).

Economists have warned that rising diesel prices may lead to a slowdown in global economic activity, as this fuel is used in manufacturing and shipping, and because the high costs of producing and transporting goods are ultimately reflected in consumer prices. Fuel price inflation may pose a major threat to US President Donald Trump, as his Republican Party prepares for the midterm congressional elections next November.