Updated:
3/8/2011 8:45:00 AM
14th Straight Diesel Gain Leaves Price Highest Since 2008
Diesel took a big jump for the second straight week, spiking 15.5 cents to $3.871 a gallon — its biggest increase and highest pump price since 2008, the Department of Energy said.
The 14th straight gain followed last week’s 14.3-cent increase and left trucking’s main fuel 96.7 cents higher than the same week a year ago.
Gasoline also saw its second consecutive double-digit gain, climbing 13.7 cents to $3.52 a gallon, its 13th increase in 14 weeks, DOE said following its weekly survey of filling stations Monday.
Gas is now 76.9 cents over the same week last year and has risen 66.4 cents since late November. Diesel has soared 70.9 cents since Nov. 29, according to DOE records.
The diesel increase was the biggest since a 22.6-cent spike on May 26, 2008, which occurred on its way up to the record $4.764 set in July 2008. Gasoline skyrocketed 19.4 cents last week.
Diesel is at its highest since it was $3.875 on Oct. 6, 2008, when it was in decline from that summer’s record.
Gas is at its highest since Sept. 29, 2008, when it was posted a $3.632 average, falling from its record $4.114 per gallon, set on July 7, 2008.
Oil prices have jumped more than $20 in the past three weeks, from below $85 on Valentine’s Day to finish over $105 a barrel on Monday, Bloomberg reported.
Each week, DOE surveys about 350 diesel filling stations to compile a national snapshot average price.
© 2010, Transport Topics Publishing Group. All rights reserved.
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