Diesel prices are up this week after a three-month-long downward trend, but gasoline prices continue to decline. Oil prices rose on Monday due to concerns that a labor dispute in Norway could lead to a complete shutdown of the country’s oil production.
The national average price of diesel is up 3.5 cents this week to $3.683 per gallon, according to the Energy Department’s weekly report. The New England and Rocky Mountain regions were the only two that experienced price decreases. With prices up 5.8 cents, the Midwest saw the highest price increase for diesel.
Gasoline prices continued to fall this week, the DOE reports, dropping by 8.1 cents to $3.356 per gallon. Gas prices are at their lowest since January.
Light, sweet crude for August delivery settled at $85.99 a barrel on the New York Mercantile Exchange, up $1.54. Brent crude on the ICE futures exchange was up $1.79, or 2.2%, to $99.98 a barrel.
Affecting oil prices this week is a strike by Norwegian petroleum workers, who are at a standoff with oil companies over the terms of their retirement package. The companies are threatening to halt all production and to lock out the workers if a deal isn’t reached. Norway is the world’s eighth-largest oil exporter. Currently, the country pumps about 2 million barrels per day, roughly equivalent to 2.2% of global supply.
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1/23/2012 – Exporting Natural Gas Could Mean Higher Prices
There’s been a lot of interest in natural gas as an alternative fuel for some types of trucking, largely because of its attractive price compared to diesel. But a study released by the U.S. Department of Energy says if natural gas exports continue to increase, it could cause prices here in the U.S. to rise by between 36% and 54% by 2018….
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1/18/2012 – I-5 Through California, Oregon and Washington To Become Shorepower Corridor
This year, Interstate 5 through California, Oregon and Washington, will become the first Shorepower corridor, with six additional locations offering the anti-idling technology….
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1/18/2012 – Diesel and Gas See Slight Gains, Crude Prices Rise 2%
U.S. diesel prices are up slightly from last week at less than 3 cents more per gallon, to $3.854….
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1/16/2012 – Clean Energy Unveils Backbone Network for Natural Gas Highway
Clean Energy Fuels Corp. unveiled the route plan for the first phase of 150 new LNG fueling stations along what it’s calling “America’s Natural Gas Highway.”…
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