Diesel Reaches Highest Price This Year

August 24, 2009

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Diesel prices increased another 1.6 cents this week, reaching a year-to-date average high of $2.668
, according to the Department of Energy. Prices haven't reached this level since November 17 of last year, when it was $2.809.

This is the fifth week in a row the price of diesel has been on the rise. Since July 20, trucking's main fuel has gained 17.2 cents. Prior to that, the average price had fallen 12 cents from June 22. This week's average is still $1.477 below the price during the same week last year.

California had the highest average prices of diesel, with $2.880, followed by the West Coast and Central Atlantic regions, at $2.785 and $2.781, respectively. The Gulf Coast and Midwest regions were hit with the lowest prices, at $2.622 and $2.637, respectively.

The average price of gasoline dropped 0.9 cents to $2.628, marking the second consecutive week the fuel has seen a decline.

U.S. crude oil increased 48 cents to $74.37 a barrel Monday, reaching a 10-month high of $74.81 during the week, according to Reuters. The news service attributes the increases to hopes of an economic recovery as well as Wall Street gaining momentum.

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