Minnesota diesel nears record, squeezing trucking and farms
Minnesota's average diesel price now stands at $5.44 per gallon, about 13 cents below the state record and squeezing trucking companies and farmers as fuel bills climb. The Fox 9 Minneapolis-St. Paul report says the price is about $2 higher than a year ago. Filling a typical 200-gallon semi tank now costs about $400 more than a year ago, the Minnesota Trucking Association says. The Minnesota Farmers Union says most acreage is in corn and soybeans and that, at current fuel and crop prices, many plantings do not cash flow.
The episode traces back to rising tensions tied to Iran's nuclear program that flared into the Twelve-Day War in June 2025, when Israel launched preemptive strikes on Iranian nuclear and military sites. Geneva nuclear talks collapsed on February 26, 2026, and the United States and Israel launched major airstrikes on Iran two days later, escalating attacks on infrastructure. Those strikes and threats to the Strait of Hormuz tightened global oil supplies and pushed crude and diesel prices higher, while regional refinery problems and Midwest maintenance have worsened the supply squeeze.
The national average retail diesel price was $5.64 per gallon for the week ending May 4, 2026, about 20 cents above Minnesota's average. Agriculture generated about $26 billion in Minnesota sales in 2024, and trucking added $5.6 billion to state GDP in 2025, so sustained fuel spikes risk broader economic pain. Industry groups and farmers warn higher diesel and fertilizer costs are being passed to consumers and could worsen farm finances this season.
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📊 Relevant Data
The recent rise in diesel prices in Minnesota is primarily due to the ongoing U.S.-Iran war, the closure of the Strait of Hormuz disrupting oil supplies, and refinery maintenance issues in the Great Lakes region.
Minnesota drivers make tough choices at the gas pump as prices rise — MPR News
The national average retail diesel price was $5.64 per gallon for the week ending May 4, 2026, which is 20 cents higher than Minnesota's average of $5.44 per gallon.
US Retail Diesel Price (Weekly) — YCharts
Agriculture contributes approximately $26 billion in annual sales to Minnesota's economy and ranks sixth nationally in agricultural production.
Economic Analysis and Market Research — Minnesota Department of Agriculture
The trucking industry contributes $5.6 billion annually to Minnesota's GDP.
Minnesota Trucking by the Numbers — MBM Logistics
📌 Key Facts
- Minnesota’s average diesel price is now $5.44/gal, about $2 higher than the same time last year.
- The current price is just 13 cents below the state’s record high of $5.57/gal set in June 2022.
- Filling a typical 200‑gallon semi‑truck tank now costs about $400 more than a year ago, according to the Minnesota Trucking Association.
- Minnesota Farmers Union says most state acreage is in corn and soybeans, and at today’s fuel and crop prices those plantings do not cash flow, leaving farmers to absorb diesel spikes.
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