Diesel Up Another 2 Cents

Diesel fuel prices rose two cents a gallon to a new record again last week against a backdrop of rising economic concern that could finally overcome White House resistance to tapping the U.S. Strategic Petroleum Reserve.

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The national average price of diesel rose to $1.629 on Sept. 11. Three days later, T.J. Glauthier, deputy energy secretary, said the Clinton Administration is “actively considering” a release of oil from U.S. reserves because the Organization of Petroleum Exporting Countries’ announced production increase was less than “hoped for.”

OPEC agreed last week to boost production by 800,000 barrels a day, but many analysts say it is too little too late and will not be refined in time to forestall a heating oil crisis that would likely also send diesel prices skyward.

News that the SPR option was being studied sent crude prices on the New York Mercantile Exchange down from 10-year highs approaching $36 a barrel.

For the full story, see the Sept. 18 print edition of Transport Topics. Subscribe today.