Diesel hits all-time high

Feb. 18, 2003
The average price at the pump for a gallon of diesel fuel has reached $1.704, the highest ever recorded by the U.S. Department of Energy. The department said the highest previously recorded by its Energy Information Administration was $1.67, back on October 16, 2000. The price recorded last week was $1.662, 4.2-cents less than this week. Tom Kloza, chief oil analyst at Oil Price Information Service,
The average price at the pump for a gallon of diesel fuel has reached $1.704, the highest ever recorded by the U.S. Department of Energy.

The department said the highest previously recorded by its Energy Information Administration was $1.67, back on October 16, 2000. The price recorded last week was $1.662, 4.2-cents less than this week.

Tom Kloza, chief oil analyst at Oil Price Information Service, said on the company's website that the U.S. could experience weekly fuel-price swings of 10-15 cents per gal. over the next few months.

Price spikes have been attributed to a general work stoppage in Venezuela and because of the threat of a war in Iraq.

Spikes this high have not been seen since the Arab Oil Embargo of 1973-4, Kloza said.

Drivers in New England are paying the highest price at $1.885, while drivers in the Central Atlantic are paying $1.851.

At $1.638, the Rocky Mountain region is paying the least.

American Trucking Assns. president & CEO Bill Graves wrote to President George Bush Friday expressing concern over rapidly rising diesel prices and suggesting a release from the Strategic Petroleum Reserve "may be the best option to avert a potential crisis in the domestic refinery system."

About the Author

Tim Parry

Sponsored Recommendations

Reducing CSA Violations & Increasing Safety With Advanced Trailer Telematics

Keep the roads safer with advanced trailer telematics. In this whitepaper, see how you can gain insights that lead to increased safety and reduced roadside incidents—keeping drivers...

80% Fewer Towable Accidents - 10 Key Strategies

After installing grille guards on all of their Class 8 trucks, a major Midwest fleet reported they had reduced their number of towable accidents by 80% post installation – including...

Proactive Fleet Safety: A Guide to Improved Efficiency and Profitability

Each year, carriers lose around 32.6 billion vehicle hours as a result of weather-related congestion. Discover how to shift from reactive to proactive, improve efficiency, and...

Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!