Ukraine war 'single biggest factor' driving record diesel prices, Wright says
Energy Secretary Chris Wright said the Russia-Ukraine war is the “single biggest factor” behind the historic increase in diesel prices.
TL;DR
- The Russia-Ukraine war is the biggest factor behind the historic increase in diesel prices.
- Russia was a major exporter of diesel but has banned all exports.
- China has also significantly reduced its diesel exports.
- Russia is now importing gasoline, a reversal of its historical role as a net exporter.
- These factors have created a very tight global refining market for diesel.