During the week ending March 7, U.S. average diesel fuel prices increased 74.5 cents from the previous week to a record $4.849 per gallon — $1.706 higher than the same week last year, the U.S. Department of Agriculture said today.
Current diesel fuel prices top the previous record set in 2008 by 8.5 cents. Diesel prices are closely tied to crude oil prices.
According to the Energy Information Administration’s (EIA) Short-Term Energy Outlook, “Brent crude oil spot prices averaged $97 bbl in February, an $11/bbl increase from January. Daily spot prices for Brent closed at almost $124/bbl in the first week of March.
The invasion of Ukraine by Russia and subsequent sanctions on Russia and other actions created significant market uncertainties about the potential for oil supply disruptions. These events are occurring against a backdrop of low oil inventory and persistent upward oil price pressures, EIA said. EIA’s spot crude oil prices have trended upward since September 2021, closely paralleling diesel fuel prices.
