Post by HardTimeTrucker on Mar 31, 2009 7:11:28 GMT -5
Diesel Jumps 13.1 Cents to $2.221
Thomas L. Gallagher
Mar 30, 2009
Trucker News Story
Major increase signals end of long fall in retail price of fuel
The average retail price of diesel fuel soared 13.1 cents last week to $2.221 per gallon, according to the U.S. Energy Information Administration.
Even the least changed and lowest priced region, the Rocky Mountains, saw an 11 cent increase to $2.146 per gallon, still down $1.826 from a year ago.
But the high rollers were in neck and neck competition. In the East Coast, prices climbed 11.5 cents to second place at $2.281 per gallon. On the West Coast, prices surged 13.2 cents to capture the top slot at $2.282 per gallon. In California, diesel soared 16.8 cents to $2.297 per gallon. West Coast prices were down an average of $1.767 from a year ago.
The biggest regional change was in the Gulf Coast, where diesel prices rose 14.3 cents to $2.203 per gallon, down $1.704 from a year ago.
Once long ago, diesel prices were fairly stable. From September 2002 to December 2003, the average U.S. retail price of diesel remained in the $1.40 to $1.50 per gallon range but for a small 3-month surge from February through April 2003. It peaked at $1.771 per gallon on March 10 and fell back into line from May until December, according to EIA figures.
In December 2003, a long climb began. Diesel peaked at $3.065 per gallon on Aug. 14, 2006 and fell back to $2.413 per gallon on Jan. 29, 2007, only to rise again to its most recent peak and the highest average retail price on record at $4.764 per gallon on July 14, 2008.
Diesel fell from there to the most recent low point at $2.017 on March 16, 2009, nearly equal to its level four and a half years ago.
Now, it appears the price of diesel has begun another climb. The future course of diesel’s retail pricing will depend not only on supply and demand, but also on commodity speculation as markets ponder the likelihood of either inflation or deflation in the global economic downturn.
Thomas L. Gallagher
Mar 30, 2009
Trucker News Story
Major increase signals end of long fall in retail price of fuel
The average retail price of diesel fuel soared 13.1 cents last week to $2.221 per gallon, according to the U.S. Energy Information Administration.
Even the least changed and lowest priced region, the Rocky Mountains, saw an 11 cent increase to $2.146 per gallon, still down $1.826 from a year ago.
But the high rollers were in neck and neck competition. In the East Coast, prices climbed 11.5 cents to second place at $2.281 per gallon. On the West Coast, prices surged 13.2 cents to capture the top slot at $2.282 per gallon. In California, diesel soared 16.8 cents to $2.297 per gallon. West Coast prices were down an average of $1.767 from a year ago.
The biggest regional change was in the Gulf Coast, where diesel prices rose 14.3 cents to $2.203 per gallon, down $1.704 from a year ago.
Once long ago, diesel prices were fairly stable. From September 2002 to December 2003, the average U.S. retail price of diesel remained in the $1.40 to $1.50 per gallon range but for a small 3-month surge from February through April 2003. It peaked at $1.771 per gallon on March 10 and fell back into line from May until December, according to EIA figures.
In December 2003, a long climb began. Diesel peaked at $3.065 per gallon on Aug. 14, 2006 and fell back to $2.413 per gallon on Jan. 29, 2007, only to rise again to its most recent peak and the highest average retail price on record at $4.764 per gallon on July 14, 2008.
Diesel fell from there to the most recent low point at $2.017 on March 16, 2009, nearly equal to its level four and a half years ago.
Now, it appears the price of diesel has begun another climb. The future course of diesel’s retail pricing will depend not only on supply and demand, but also on commodity speculation as markets ponder the likelihood of either inflation or deflation in the global economic downturn.