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Diesel Surges Past $4 A Gallon

by Michael G. Malloy | Feb 25, 2014

Diesel pushed past $4 a gallon for the first time in almost a year, gaining 2.8 cents to $4.017 a gallon, the Department of Energy reported Feb. 24.

Trucking’s main fuel, which has risen in five straight weeks, has not topped $4 nationally since March 25, according to DOE records.

Despite the boost, diesel is 14.2 cents less than the same week a year ago when it hit $4.159 a gallon — the highest price since the record-setting summer of 2008.

Gasoline, meanwhile, jumped 6.4 cents to $3.444 a gallon, the third straight increase and highest price in five months, DOE said after its weekly survey of filling stations.

The motor fuel has spiked 13.5 cents in the past two weeks, its sharpest rise since jumping 14.7 cents July 15 and 4.5 cents the following week.

This week’s gas price, which is 34 cents below a year ago, is the highest since it was $3.495 on Sept. 23, according to DOE records.

The higher prices followed last week’s oil prices of more than $102 a barrel, which were the highest since October, according to Bloomberg News.

In contrast to recent diesel upturns led by gains in the Northeast, this week’s increase was led by surges in the West Coast and Rocky Mountain regions, where diesel rose by more than 3 and 4 cents to $4.035 and $3.95 per gallon, respectively.

The East Coast’s average rose by 1.9 cents and remained the highest overall average, at $4.148 per gallon. Its New England and Central Atlantic sub-regions continued to have the highest overall prices, rising 1.3 and 0.1 cents to $4.386 and $4.358 per gallon, respectively.

Each week, DOE surveys about 400 diesel filling stations and 800 gasoline stations to compile national average prices.