DOE reports national diesel average near $4 per gallon

| 3/24/2008

Across the country, the U.S. Energy Information Administration is reporting that the national average price for a gallon of diesel fuel is edging a little closer to the $4 mark at $3.989, an increase of 1.5 cents from this past week, and an increase of $1.313 from a year ago.

A year ago around this same time, the price for a gallon of diesel averaged $2.676 a gallon.

The EIA is reporting the price for diesel has reached the $4 or above mark again in five of its nine regions. The same three regions that topped this past week’s list in having the highest regional averages again retained their top spots this week.

The Central Atlantic region is reported as having the highest regional average for diesel fuel at $4.189 a gallon, an increase of 7 cents from the previous week, up $1.483 from a year ago.

The New England region is number two again this week at $4.142, an increase of 2.3 cents in a week’s time, and up $1.430 from a year ago.

California is reporting the third highest increase of 3.6 cents in a week to $4.119. California’s average price is $1.250 per gallon more than the same week in 2007.

Both coastal regions hit the $4 mark this past week and again showed increases this week with the West Coast averaging $4.063, up 3.8 cents, while the East Coast showed an increase of 8 cents to $4.062.

Four regions are teetering in the $3.90 range again this week, with the Lower Atlantic region at $3.983, an increase of six-tenths of a cent, while the Midwest region is averaging $3.975, an increase of nine-tenths of a cent from the previous week.

The Rocky Mountain region saw an increase of 6.2 cents to $3.956, while the Gulf Coast region saw an increase of 1.4 cents to $3.930.

The price of crude oil was nearly $101 a barrel in early trading the morning of Monday, March 24, compared with $110 a week ago.

Recently, the EIA reported that OPEC earned $676 billion in net oil export revenue in 2007, a 10 percent increase from 2006. Saudi Arabia earned the largest share of OPEC’s earnings at $194 billion, representing 29 percent of OPEC’s total revenue.

The EIA’s 2008 Short Term Energy Outlook is projecting that OPEC revenue could reach $927 billion in 2008.

– By Clarissa Kell-Holland, staff writer