Political unrest in Egypt and a weakening U.S. dollar are putting upward pressure on global oil prices, analysts from Reuters said Monday, Jan. 31. Analysts said it?s a matter of time before diesel prices follow. Monday?s average for on-highway diesel was just over $3.45 per gallon.
March futures for light sweet crude oil were trading Monday at $92.46 per barrel on the New York Mercantile Exchange ? an increase of more than $3 from the previous day?s trading. Oil futures extending through the end of this year were trading just shy of $100 a barrel on Monday.
U.S. domestic supplies remain stable, and a leading Saudi official was quoted as saying there?s no shortage of oil among the OPEC nations. OPEC is scheduled to meet Feb. 22 at a conference in Saudi Arabia.
Meanwhile, the price of a gallon of diesel continues to climb according to the U.S. Energy Information Administration.
Since late November 2010, the price of on-highway diesel has increased about 30 cents on average according to the EIA survey on Monday.
The weekly EIA survey showed the national average for diesel at $3.438, an uptick of 8 tenths of a cent from the previous week. Prices in New England and the Central Atlantic states rose by more than 2 cents for the week.
ProMiles reported Monday?s daily average at $3.453, a slight decrease overnight. Connecticut at $3.763 and New York at $3.719 had the nation?s highest tax-included averages.
EIA?s diesel averages by region:
U.S. ? $3.438, up 0.8 cents
East Coast ? $3.494, up 1.4 cents
New England ? $3.633, up 2.4 cents
Central Atlantic ? $3.611, up 2.1 cents
Lower Atlantic ? $3.432, up 1.1 cents
Midwest ? $3.399, up 0.7 cents
Gulf Coast ? $3.384, up 0.2 cents
Rocky Mountain ? $3.396, up 0.8 cents
West Coast ? $3.533, up 0.2 cents
California ? $3.612, up 1.0 cents.