Diesel Price Follows Steep Rise in Cost of Crude Oil
The national average price of diesel fuel rose 0.4 cent to $1.198 a gallon on Sept. 6 — the smallest increase since July 26 — but analysts saw scant hope for price moderation in the face of a 23-month high in crude oil prices.
After reaching a historic low of 95.3 cents a gallon on Feb. 22, diesel prices have risen steadily, with only a few pauses in the march to the current level. Diesel followed the NYMEX price of crude oil, which hit its 52-week low of $10.73 a barrel on Dec. 10 and began its move to more than $20.
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The price of crude oil in the New York Mercantile Exchange went to $22.68 a barrel on Sept. 8, the highest price since Oct. 3, 1997, when it stood at $22.78.
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“I’d like to have some good news [for the trucking industry], but I can’t see any,” said Tom Kloza, editorial director of the Oil Price Information Service.
