U.S. Diesel Hits Record High Above $6.28 a Gallon as U.S. Refineries Run at 97% of Capacity

U.S. diesel just hit a record high, over $6.28 a gallon, and U.S. refineries are already maxed out at 97% of capacity. There is no slack left to make more.
The only country sitting on meaningful spare capacity is China, running its refineries at just 75%. In 2022, it opened the taps to 680,000 barrels a day and cooled the global market. This time, Beijing is keeping the fuel at home, and analysts do not expect a repeat.
The author says diesel is a supply shock, not inflation. It is the fuel under every truck, tractor, and freight load in the country, and no rate cut produces a single barrel of it. Until refining supply loosens, high diesel is a tax on everything that moves.