The average price of a gallon of diesel fuel hit a new high this month, besting the last week’s record high by 11 cents.
The national average diesel price at the pump 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.
Retail fuel prices have never increased so quickly on a percentage basis over a three-week period, according to the Department of Energy.
Oil and diesel prices, already spiking, may get worse with President Biden's move to cut off crude oil imports from Russian in the wake of the invasion of Ukraine.
Russia’s invasion of Ukraine could have ripple effects throughout the supply chain and trucking, as oil prices have soared and cyber security experts say cyber attacks won’t likely remain inside Ukraine’s borders.
Diesel prices have risen to their highest since the end of 2014, and crude oil prices don’t show signs of improving anytime soon.
National average diesel fuel prices were $3.35 per gallon as of Aug. 16, 2021, according to the U.S. Energy Information Administration.
National on-highway diesel prices rose to $3.33 per gallon last week, as crude oil prices hit their highest level in more than six years.
Diesel and crude oil prices are the highest recorded in years as consumption surges in the U.S.
National average diesel fuel prices were $3.02 per gallon as of May 24, 2021, down a little less than one cent week-over-week but up $1.06 over the same time last year.
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