Diesel Jumps 6.8¢ to Two-Year High $3.184 a Gallon



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 Updated:
11/16/2010 10:30:00 AM

Increase Is Highest Since April; Gas Gains 2.7¢

Diesel rose to the highest level in more than two years, jumping 6.8 cents to $3.184 a gallon, while gasoline gained 2.7 cents to $2.892, the Department of Energy reported.

The increase was the biggest since April 5, when it rose 7.6 cents, and the highest price since it averaged $3.288 on Oct. 27, 2008, when it was coming off its historic highs.

The price is now 39.4 cents over the same week a year ago and trucking’s main fuel has spiked 11.7 cents in the past two weeks.

Gasoline’s weekly average is less than a penny below the year’s high of $2.898 set in early May, which had been the highest since October 2008.

The motor fuel is now 26.3 cents higher than the same week last year, DOE said following its weekly survey of filling stations Monday.

Crude oil rose to a two-year high over $87 a barrel last week, but fell about $3 Friday to finish the trading week at $84.88 on the New York Mercantile Exchange, Bloomberg reported. Oil held near that level Monday.

Each week, DOE surveys about 350 diesel filling stations to compile a national snapshot average price.

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© 2010, Transport Topics Publishing Group. All rights reserved.

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