Diesel prices quickly climb

After weeks of nearly no growth, diesel fuel prices have climbed 12 cents in just two weeks, according to a report issued by Martin Labbe Associates

After weeks of nearly no growth, diesel fuel prices have climbed 12 cents in just two weeks, according to a report issued by Martin Labbe Associates.

The price, now at a national average of $2.35/gal., is the highest it’s been since Dec. 22, 2008, when it sat at $2.36/gal. A year ago at this time, a gallon of diesel cost $4.69 on average. Two weeks ago, diesel cost an average of $2.23.

The cost for a barrel of crude oil is hovering around $67, but dropped yesterday for the first time in a week. In recent weeks, U.S. gasoline prices have climbed quickly while diesel fuel prices have remained low, primarily due to low demand by trucking, according to analysts.

California and the Midwest have seen the highest increase in the last two weeks, each climbing 15 cents to $2.50 and $2.32, respectively. New England, which remained among the highest regions for weeks, has seen just a 4-cent increase to $2.44. The West Coast ($2.46) and Lower Atlantic ($2.32) each saw 12-cent increases while the Gulf Coast jumped 11 cents to $2.32. The Central Atlantic ($2.46), Rocky Mountain ($2.34) and East Coast ($2.37) regions saw gains ranging from 6 to 8 cents.

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