Diesel prices highest in two years, oil prices also on the rise

| Monday, December 06, 2010

It’s looking more and more as if the price of winter fuel will rival 2008 levels.

The weekly national average price for on-highway diesel as reported by the U.S. Energy Information Administration was $3.197 per gallon for the week ending Monday, Dec. 6, 2010.

ProMiles showed Monday’s tax-included average at $3.216 per gallon, up six-tenths of a penny from Sunday’s price.

Diesel prices are currently rivaling 2008 levels, with the difference being in the direction of the trend. In 2008, prices were on the way down after reaching historic highs earlier in the year. This year, they’re on their way up. Click here to check the EIA’s diesel price averages by region.

According to EIA analysis, planned and unplanned refinery outages, which began in October of this year and are expected to last through January 2011, are having an effect on prices.

In a year-over-year comparison, the prices for distillates including diesel and home heating oil have gone up significantly since December 2009.

The national average for diesel fuel is 42.5 cents higher than a year ago, while home heating oil is up about 36.5 cents from last year.

In related energy news, January futures for light sweet crude oil were trading at $89.32 per barrel midday Monday on the New York Mercantile Exchange, an increase of 13 cents per barrel from the previous day’s closing price. April futures were trading at or above $90 per barrel at midday.

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