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US Diesel Pump Prices Hit Record As Global Refined-Products Crisis Threatens Industrial Economy
Goldman explained this week that Gulf oil exports had recovered to between 15 million and 16 million barrels per day, roughly two-thirds of prewar levels, with the rise of dark tanker transits obscuring some flows from conventional tracking via the Automatic Identification System (AIS). Yet headline crude volumes don't tell the entire story. As we have repeatedly noted, crude itself does not keep the industrial economy humming. Diesel does.
US RETAIL DIESEL PRICES ADVANCE TO RECORD HIGH, AAA DATA SHOWS https://t.co/LjXZw8fxYR
— zerohedge (@zerohedge) September 4, 2026Make no mistake: There is a refined-products crisis because of disruptions in the Strait of Hormuz and Ukrainian one-way drone attacks on Russian energy infrastructure. That tightening in physical markets, especially for diesel, was evident on Thursday, when US retail pump prices reached a record high.
US retail diesel prices surged to a record $5.85 per gallon on Thursday, according to new data from AAA, surpassing the previous peak reached in June 2022.
Unlike crude oil, diesel is the fuel that keeps the industrial economy moving: It powers trucks, construction equipment, tractors, generators, and home-heating systems. The spike threatens to unleash another wave of energy-driven inflation just as global supplies tighten ahead of the Northern Hemisphere's harvest and heating seasons.
Bloomberg's NYMEX one-month heating-oil/crude spread, tracked on the Bloomberg Terminal as the HOCL1 Index, breached $100 per barrel early Tuesday before surging to $108 early Wednesday. It was trading at $99 early Friday morning.
President Trump urged US refiners earlier this week to increase production and lower gasoline and diesel prices, but the industry has limited spare capacity. Many facilities are already operating near, or even above, their stated maximum processing rates following a summer production surge.
Despite the recovery in tanker flows through the Strait of Hormuz, TotalEnergies SE head Patrick Pouyanne recently said there wasn't a "single tanker of products" moving out of the waterway.
Again, the energy crisis is in the refined-products complex.
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"We Have The Receipts": Bartiromo Denies Fox Firing
Update (1155ET): New details are rolling in about the Bartiromo situation - as the anchor is denying reports that she was fired from the station. According to The Hollywood Reporter:
Bartiromo, who is now repped by Bryan Freedman, who recently repped Justin Baldoni, as well as journalists Don Lemon and Chris Cuomo after their dramatic exits from CNN as well as Tucker Carlson’s exit from Fox, denies that she was fired and further claims that she is “still employed by Fox.” Freedman suggests they may pursue the matter in court.
“For many years, Maria Bartiromo hosted three number-one-rated television shows on Fox channels. She has been, without question, one of the hardest-working journalists throughout her award-winning career,” Freedman said in a statement to The Hollywood Reporter.
"The irresponsible reports that have been published stating that Maria Bartiromo was fired or is no longer an employee of Fox are absolutely and unequivocally false. Make no mistake, we have the receipts and witnesses and they will come out whether through the courthouse or otherwise. Those reporting her firing or the incredulous facts supporting that fiction have exhibited a complete and utter reckless disregard for the truth," he continued.
* * *
Maria Bartiromo was not fired for pushing claims about the 2020 election - she was fired for revealing that Fox had told its own staff not to talk about it. Fox News Media announced on Thursday it had parted ways with the anchor effective immediately after more than twelve years, thanking her for her work and giving no reason.
The guidance at the center of it went out in July, after President Donald Trump used a prime-time address to tie China to the 2020 result. Fox Business management privately instructed senior staff not to lend credibility to the claims, and killed a China-and-2020 story Bartiromo wanted to pursue. The sensitivity stemmed from legal concerns - Fox paid Dominion Voting Systems $787.5 million in 2023 over 2020 election coverage, and Smartmatic's $2.7 billion claim is still outstanding, with Bartiromo named in both.
Fox did not catch the leak itself. Puck's Dylan Byers reported that Bartiromo took a screenshot of that guidance and sent it to senior White House officials, which Fox executives learned of after receiving a call from the White House.
In a terse statement, Fox News said Bartiromo is no longer with the company, effective immediately and thanked her for her work, while wishing her well in her next chapter.
Status's Oliver Darcy, who built his brand at CNN by pushing censorship campaigns against conservative media, was first to report that Bartiromo leaked internal guidance after Fox Business management privately directed senior staff not to lend credibility to claims President Donald Trump made in a July address regarding China's interference in the 2020 election.
However, a new report alleges that Bartiromo was in FOX's crosshairs for several reasons beyond the alleged leak.
Mediaite reports:
According to a source familiar with the matter, sharing the memo about Trump's July comments was "not the only reason" that led to her abrupt defenestration.
The source confirmed that it was "a confluence of factors," including Fox's whopping $787.5 million settlement it had to pay to Dominion Voting Systems in 2023 over 2020 election fraud claims Fox had aired, plus another similar lawsuit from Smartmatic "still hanging out there." Bartiromo was among the main on-air personalities cited in these lawsuits and has continued to periodically peddle in election denialism. A Fox News media spokesperson told Mediaite that the move was simply a "business decision" and declined further comment.
Comments Kevin O'Leary made on a May 11 episode of Mornings With Maria also factored in, the source said, in which the Shark Tank star accused nonprofit organizations that opposed his data center project in Utah of being secret agents of the Chinese Communist Party.
Trump blasted Fox's decision to sever ties with Bartiromo, calling the host a "true warrior."
"I can't believe Maria Bartiromo is no longer going to have her great show(s) on FoxNews/Business. Three different shows, always number one," the president wrote on Truth Social. "Maria is a total professional, and a true warrior. Her fans, of which there are many, will not be happy. God bless you, Maria!"
Tyler Durden Fri, 09/04/2026 - 11:30