Diesel hits record price as EPA seeks new input on water rule revisions

Diesel fuel surged to $5.85 per gallon, the highest level since June 2022, raising concerns for trucking, rail, and farm operations that rely heavily on the fuel. Analysts linked the spike to ongoing disruptions from the wars in Ukraine and the Middle East, including Russia’s export pause and damage to regional refineries. Meanwhile, the Environmental Protection Agency and the Army Corps of Engineers issued a supplemental notice inviting a 30-day public comment on revised definitions for “relatively permanent,” “continuous surface,” and “perennial” waters under the Waters of the United States rule.

Jess Kramer noted the agencies will act “as expeditiously as possible” after more than 220,000 comments were submitted to the prior proposal. Energy Secretary Chris Wright, speaking in Caracas, reiterated that U.S. participation in Venezuelan oil projects is intended to develop idle assets for the benefit of Venezuelan citizens. Oil prices remain near the $90-per-barrel range, and the U.S. oil rig count held steady at 588.