Diesel Rises Again, May Head Higher
The price of diesel fuel jumped 2.7 cents a gallon last week, the biggest one-week rise since April, and observers say the highest futures prices for crude oil since the Persian Gulf War foretell of more increases before year’s end.
“We’ve had creep [in price movement] but I think we have to look for a spike at some point,” said Tom Kloza, editorial director of the Oil Price Information Service in Rockville, Md.
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The average stood at $1.261 a gallon on Nov. 15, up from the previous week’s $1.234 a gallon and about 23% above its level in mid-November 1998, the Energy Information Administration reported.
In recent weeks, the price of diesel fuel has seemed to hover in the $1.22 to $1.23 range, moving up, when it did, in increments of a half-cent or less.
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