U.S. average price of diesel jumps 7 cents in a week

by Talk Business & Politics staff (staff2@talkbusiness.net) 43 views 

The U.S. average retail price of a gallon of diesel rose 7 cents to $2.97 on Jan. 1, from the previous week, as cold weather increased demand for distillate fuel, which includes heating oil and ultra-low-sulfur diesel, according to Transport Topics, a publication of American Trucking Associations. The price increase in trucking’s main fuel was the largest jump since Nov. 6, when it rose 6.3 cents a gallon.

The price of diesel has risen 38.7 cents, from the same time in 2017, according to the U.S. Energy Information Administration. The highest recorded average price of diesel was $4.84 a gallon on July 17, 2008, according to the AAA. In Arkansas, the average price of diesel has risen 30 cents to $2.65, from the same time in 2017.

An arctic air mass is bringing cold temperatures, from the Midwest to the East Coast, according to the National Weather Service. Areas along the Southeast Coast have started to see freezing rain and snow, and it’s expected to spread north, with more than 12 to 18 inches of snow accumulation in the forecast for portions of northern New England.

Meanwhile, the U.S. average retail price of a gallon of gas rose 4.8 cents to $2.52 on Jan. 1, from the previous week, according to the EIA. The price of gas has risen 14.3 cents, from the same time in 2017. In Arkansas, the average price of gas has risen 7 cents to $2.23, from the same time in 2017, according to AAA.

WTI crude oil futures price closed at $60.37 a barrel on Jan. 2, up 40 cents from a week earlier, according to the EIA. The price of crude has risen $6.65 from the same time in 2017.

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