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Treasury has already tried to reassure markets and failed
Add to this other trade war nonsense...
This was the desired effect though, as higher oil prices means more profit for US based oil producers. I'm sure that will trickle down any time now.
I am unsure its by design or just idiocy. (Probably a mix of both).
Honestly, I think you're giving far too much credit to the current US government.
That's giving the Trump administration too much credit. Before the war there were pieces about how oil companies were doing worse under Trump than under Biden[1]. Of course, you could argue that the Iran war is Trump finally responding to oil companies, but given that it only started more than a year after he took power, it really makes you wonder whether Trump is bumbling along, or playing some 5d chess with the global oil market. On the flip side there's plenty of evidence that he doesn't want high oil prices, for instance lifting sanctions on Iranian and Russian oil.
[1] https://www.economist.com/business/2025/02/06/donald-trump-l...
We have a staggering number of people that live in apartments so charging is out of the question except at public charging points and the cheapest I've seen is ÂŁ0.40/kWh. Most of the fast chargers are ÂŁ0.92/kWh.
When I get my home charger fitted I'll be paying 6.9p/kWh between midnight and 6am but I have a driveway.
Not everyone can give up ICE cars. The logistics don't add up for many people plus the entire world runs on diesel - every truck, earth-mover, factory etc. relies on diesel in some fashion.
It's lost 60% of its value, has only done 57k miles and has a battery state of health of 97.4%. I paid ÂŁ22k.
I still maintain that new cars, especially new electric cars, are not worth the money but secondhand ones are a bargain now... relatively speaking.
If one can make due with an ebike instead of an EV, certainly, that is of course an option that should be considered.
The world’s 280 million electric bikes and mopeds are cutting demand for oil far more than electric cars - https://theconversation.com/the-worlds-280-million-electric-... - November 16th, 2026
The main caveat is that available models are heavily weighted towards “compact” (RAV4 sized) SUVs and larger. There aren’t many little Prius/Fit/Soul type town car models around which is a bit paradoxical with that being the use case that EVs have been well suited to for the longest time.
I did find a few eGolfs and leafs for $5k-8k, but in my experience if a car is that cheap there is a reason for that, so I assume they are unacceptable. There is a chance OP has a diesel truck because he needs a truck which in turn means they wouldn't work even new (the F150 lightning perhaps would)
I don't like it either but you have to pick your battles these days.
By draining aquifers, for one:
* https://www.nature.com/articles/s41586-023-06879-8
* https://unu.edu/inweh/news/world-enters-era-of-global-water-...
Certain desalination exists, but can get expensive and energy-intensive (and they it may be necessary to transport the fresh water great distances).
China has destroyed oil import demand the equivalent of annual UK oil imports in the last six months, for example. Push those oil and diesel prices up, hold them up as long as possible. Several countries have banned internal combustion vehicle imports to push the needle on the EV trajectory (Ethiopia, Laos) because they are fossil fuel poor. Global EV sales have spiked, and already exceed 25% of total annual vehicles sales (~90M units/year) [4] [5]. We're just discussing how long until we reach tipping points that further accelerate the transition.
How much fossil supply chain infra must be impaired to further move the needle? Hard to say, excited to find out. Electrify or get wrecked. To not to is a choice.
[1] https://news.ycombinator.com/item?id=49479229 (citations)
[2] https://news.ycombinator.com/item?id=49647405 (citations)
[3] Gas car sales fell 40% in August in China [Charts] - https://carnewschina.com/2026/09/08/gas-car-sales-fell-40-in... - September 8th, 2026
[4] Global sales of combustion engine cars peaked in 2017 - https://ourworldindata.org/data-insights/global-sales-of-com... - May 21st, 2026
[5] https://ourworldindata.org/electric-car-sales
(as of this comment, China has enough EV manufacturing capacity to satisfy global demand; they are currently export constrained and cannot ship fast enough to meet demand)
Instead of tracking cost increases of fuel, I try to conceptualize prices for all things in equivalent fuel or metered energy.
The fed can overlook energy and food in their "preferred metric of inflation", but that's 90% of what I care about as an individual. Very interesting to track your purchasing power in MWh
Still that makes very clear why Venezuela had to happen before Iran.
As someone who drives a 2003 Golf TDI, I'm currently looking at CAD 2.40/L: EUR1.49/USD1.73 per L.
Is there any reason why Diesel costs more? I was always under the impression that it was a less-refined fuel therefore cheaper.
While diesel is less refined, the difference isn't much. These days both are heavily refined products, and the cost to refine gasoline isn't very much per gallon.
The real answer: supply/demand is the key factor in the price you pay. Cost to create/build a product generally sets a floor on the price you pay: a business that isn't making money will stop making the product (loss leaders exist, but not a factor here).
[0] https://www.npr.org/2022/08/31/1120422634/breaking-down-the-...
That's the problem with hindsight theories, especially if only using a limit horizon into the past.
This started, I believe when fracking became a major thing (the late 2000s), because shale oils tends to have less heavy hydrocarbons then the old wells.
And the ethanol makes the fuel less valuable (energy reduction per litre) moreso than biodiesel.
Jet fuel and diesel fuel come from similar parts of the barrel. Refineries can largely choose what kind of fuel they produce for a given unit of input. One barrel doesn't always split into the same fractions. There is configuration involved.
EDIT: meaning "less taxes"
In the US diesel taxes are often different from gasoline, but polluting is generally not a factor.
I was always under the impression that a big part of the difference in cost is largely due to taxes.
* https://www.globalpetrolprices.com/diesel_prices/
* https://www.globalpetrolprices.com/gasoline_prices/
I am not interested in nominal new highs.
Which is why I'm no longer in the party... Where did the rest of us go?
Rule of Acquisition number 35: Peace is good for business.
Really wish I had a better memory so I could memorize these as a lot of them would be really fun as everyday quips.
That said, the patriot is a lot cheaper replace than the things it was defending so it was a good investment even if expensive.
Losing at war is universally bad. And long stalemated forever wars can be just as bad for both sides.
I think cost per kilometre/lightyear/rod is close
Diesel at the local garage I passed at lunchtime is ÂŁ1.89 (57% more). The web [0] suggests that is more expensive than anywhere in europe other than France and Denmark for some reason.
So nowhere near "half as cheap". Throw in poor American average mileage and I suspect the price-per-mile is quite similar.
[0] https://www.fuel-prices.eu/live/
Inflation is high ... but not that high
even if you do not drive, it affects every delivery
imagine this pattern through 2029
https://gasprices.aaa.com/
800 more days, even just a penny increase per day
we're out of $4 Million dollar tomahawks and the iranians have endless supply of $50K drones
strategic oil reserve is about to experience permanent catastrophic damage from being drained too low
Apparently salt domes have a life span, you pump water in to remove oil. The water wears at the domes and removes more salt creating a larger cavern. It's not that we pumped out so much oil lately, it's because we were pumping out little bits over the last 5 decades constantly wearing at the domes. They were created at the time to only be used in a catastrophic situation, not when ever you want to control the price of oil......
Either way, you are correct in that their life has come to an end, we will require more expensive above ground storage going forward or we can electrify.
There is nothing stopping US refineries from producing more diesel, you can use both sweet and sour, this is speculators squeezing the markets.
What a great time it should be to electrify heavy transportation. If they can do it in mining and construction, why can't transportation...
Aren't they already producing as much as they can? Which is not sufficient given that globally a significant fraction of refining capacity is offline.
Or are you saying the Ukraine drone strikes have not affected the output at a scale where it matters globally?
But then it also makes Chinese EV including trucks extremely attractive replacement. So China making a profit as well.
Ukraine strikes to impact the world price. However most of the impact is in Russia, elsewhere the effect is less. Iran is larger effect because the middle east as a more significant share of global oil. (both have an effect, but Iran is larger)
Because supply side. Can't have our oil barons losing out.
24 years ago, I recall diesel being $1.25/gallon, and hamburger meat at a little local grocer for $1/pound any time they had a sale.
Now, even going to Costco, their ground chuck is $6/pound.
If you look at the timeline, and the demographics of voters who lost enthusiasm for Biden between 2020 and 2024, it looks like a whole lotta the Americans living paycheck-to-paycheck decided to vote their pocketbooks.
Vs. back in '72, when Biden was just getting elected to the Senate, Pres. Nixon was a noisy anti-inflation zealot. (Not saying Nixon was sane, nor legal...) Since Nixon was re-elected with >60% of the popular vote - in spite of negatives like the Vietnam War - I'd say that the Dem's failure to follow a so-obvious winning reelection strategy was exactly what handed Trump the opportunity to make the decisions which you so strongly dislike.
Incompetence or malice? Both is also possible...