Fuel prices are approaching record levels in Germany and the United States, with Super E10 reaching 2.165 euros per litre in Germany on Aug. 24, just short of the March 2022 all-time high of 2.203 euros, while the U.S. national average hit $4.10 per gallon.
The ADAC warns 2026 could become the most expensive refuelling year on record, citing the unresolved Iran conflict and low water levels on the Rhine as key price drivers. In Michigan, diesel peaked at a record $6.21 per gallon in May before easing to $5.64, and GasBuddy cautioned that a national average above $4 per gallon on Labor Day would be unprecedented.
German Finance Minister Lars Klingbeil and five European counterparts proposed a windfall tax on oil companies, while U.S. Treasury Secretary Scott Bessent threatened to impose what he called the toughest sanctions in history on Iran.