Diesel Prices Shatter Record, Surge 16 Cents a Gallon
he average price of U.S. retail diesel exploded last week, rising 16 cents a gallon in the largest single-week increase ever recorded, according to the Department of Energy. The surge left prices at $2.567 a gallon, setting a new record for the second time in the past month.
The 16-cent spike in prices shattered the previous record of $2.408 a gallon set on July 11. Last week, the price of diesel was $2.407.
Gasoline prices also surged to $2.55 rising 18.2 cents a gallon from last week's record high of $2.368, DOE said in its weekly report. Gas prices are now 67.5 cents higher than they were a year ago.
The West Coast gains followed increases of more than 20 cents a gallon last week.
The Midwest was the hardest hit among the EIA region’s in this week’s survey, seeing an 18.8-cent spike to $2.524.
The smaller by comparison 9.9-cent increase in California was notable because it pushed the state’s average diesel price over $3 a gallon for the first time. According to DOE, the average diesel price in the Golden State was $3.042 a gallon.
The massive increase in the national average marked the third straight week of increases after two weeks of decline. The national average has now risen in 23 of 33 weeks so far in 2005.
The price of fuel has risen 63.3 cents a gallon since hitting a low for the year Jan. 10 of $1.934.
he national average price for trucking’s main fuel is 74.2 cents over this time last year, adding $148.40 to the cost of a 200-gallon big-rig fill-up over the same week last year.
The Gulf Coast region had the lowest average price, at $2.481 a gallon, up 15.8 cents from last week.
The regional average also rose 15.8 cents a gallon on the East Coast to $2.544. The smallest regional increase was seen in the Rocky Mountains, where the price rose just 12.9 cents a gallon to $2.615
Each week DOE surveys 350 filling stations to compile a national snapshot retail price.
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