Fuel prices creep back up

| 1/16/2002

Fuel prices have crept up over the past three weeks, ending a 13-week price crash that began with the Sept. 11 terrorist attacks. Additional moderate, but not extreme, price increases are expected in the coming weeks.

"The turnaround had to happen sometime after a glut of fuel relative to demand developed due to post-nine-eleven weak demand, and from seasonal and economic conditions," business news sources quote industry analyst Trilby Lundberg. "A slight increase in crude oil prices in the past three weeks supported the fuel price turnaround."

The weekly retail on-highway diesel prices released by the Energy Department Monday show the national average cost of diesel dipped slightly from last week to $1.159 per gallon. The highest prices nationally are in the New England region. Diesel there flows for $1.295. The lowest average prices are found in the Gulf Coast region. Fuel there is $1.127 per gallon. The remaining regions' price per gallon is as follows: East Coast, $1.192; Central Atlantic, $1.283; Lower Atlantic, $1.144; Midwest, $1.134; Rocky Mountain, $1.128; West Coast, $1.226; and California, $1.275, respectively.

Prices dropped about 39 cents a gallon from Sept. 17 to Dec.17. On Jan. 15, 2001, a gallon of diesel cost about 35 cents more than it does now.