Diesel Prices Hit Another Record High

The average price of a gallon of diesel fuel jumped nearly 35 cents last week, to a new record of $5.509, according to the U.S. Department of Energy. That’s up $2.367 from a year ago.

The average price rose in all regions, according to the DOE’s weekly fuel-price information published May 2, with the weekly jump reaching as high as 49.2 cents on the East Coast. The highest average price was in California, at 6.412, although the weekly jump there, of 13.5 cents per gallon, was the smallest reported.

The national average topped the $5 mark for the first time in the week reported March 14, at $5.25. It has remained over $5 a gallon ever since. The last time the national average came close to the $5 mark was in the summer of 2008.

Diesel prices now average over $6 per gallon not only in California, but also in the New England and Central Atlantic regions. Why the surge in the Northeast? Tom Kloza, founder of the Oil Price Information Service, said in a tweet last week that Northeast stocks of distillates (of which diesel fuel is one) are down to 14.6 mil barrels, compared to 30.06 a year ago.

Almost $6.00 a gallon for diesel!!! pic.twitter.com/pWWgF1kSxA

— David Collins (@dcollinsWBAL) May 2, 2022