FACT CHECK: Is Diesel Projected To Reach $9 A Gallon By August?
A post shared on Facebook claims diesel is projected to reach $9 a gallon by August.
There is no evidence diesel is projected to reach $9 a gallon by August. Experts say the price will likely remain around current levels throughout the summer.
Gas and diesel prices are currently at record highs in the U.S., according to CNBC. The rapidly rising oil prices are the result of constrained refining capacity and a surge in demand following the COVID-19 pandemic, among other factors, the outlet reports.
One Facebook post claims the price of diesel will soon skyrocket. “Diesel is supposed to be 9 dollars by August, slap yourself if you voted for this,” reads the post, which has garnered over 290 reactions. “You could ignore mean tweets… i can not ignore a fuel pump.”
While the price of diesel may increase further, there is no evidence it will reach $9 a gallon by August. Check Your Fact found no credible news reports about such a projection. Tom Kloza, an analyst at the Oil Price Information Service (OPIS), told Check Your Fact in an email the claim is exaggerated.
“This is quite the hyperbolic comment,” Kloza said, “We see diesel trading close to recent levels through the summer and certainly into August.”
Kloza’s assessment is in line with a forecast from the U.S. Energy Information Administration (EIA), which projects the price of diesel will peak in May before dropping to about $4.95 a gallon in August. The price of diesel has increased by over $2 over the past two years and is projected to return to a national average of $4.06 in 2023, the EIA report.