Average price of diesel at all time high of $3.658

| Monday, March 03, 2008

Across the country, the average price for a gallon of diesel fuel is at an all time high right now– at $3.658 – up more than $1.032 per gallon from just one year ago, the U.S. Energy Information Administration reported Monday, March 3.

In the United States, the average price for ultra-low sulfur diesel averaged $3.666, up 10.8 cents from a week ago. On average, the cost for low-sulfur diesel was up 8.6 cents from last week to $3.597.

Truckers saw no relief at the pumps as there were no decreases in fuel prices in any of the regions in the U.S.

The most significant increase was in the Central Atlantic region, which spiked 13.5 cents from $3.694 to $3.829. The California region reported the second highest increase, jumping 13.1 cents from $3.672 to $3.803 this week.

The West Coast region reported an increase of 12.8 cents from last week to $3.740 from $3.612, while the Midwest region experienced an 11.8 cent increase from 3.534 to $3.652.
The Rocky Mountain region increased 9.9 cents from $3.476 to $3.575.

The average price in the Gulf Coast region increased 9.8 cents from the previous week, going from $3.513 to $3.611. The cost for a gallon of diesel fuel jumped 9.6 cents in the New England region, from $3.619 to $3.715 this week.

If you are in the Lower Atlantic region, make sure to fill up there – that region reported the lowest increase, 7.3 cents, from $3.568 to $3.641.

Crude oil prices hit another record high – trading well over $103 a barrel in early trading on Monday, March 3.

In other news, the Wall Street Journal reported that the nation’s gasoline consumption has dropped more than 1 percent from a year ago. The Journal reported that is the biggest drop in more than 16 years, which should mean that oil prices would be dropping because consumers are using less.

However, that’s not the case. According to The Associated Press, investors, trying to protect their money from inflation, are “piling it into” the oil market, which is actually driving the price of oil back up.

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