Diesel Reaches New Highs, Pushed by Mideast Turmoil
Diesel fuel prices jumped to the highest level on record last week as buyers continue to react to low inventories and political turmoil threatens to disrupt supplies of imported oil from the Middle East.
The fuel price surge is expected to put more financial pressure on trucking companies and dampen the economic outlook. A number of publicly traded carriers last week reported sharply lower earnings in the third quarter due to higher fuel costs and an unexpected softening of freight demand.
The nationwide average retail price of diesel climbed 5.6 cents to $1.67 a gallon on Oct. 16, the second-highest weekly increase this year, according to the Energy Information Agency.
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Meanwhile, some motor carrier were taking steps to lock in fuel supplies to avoid possible shortages or fuel allocation this winter.
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