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On-highway diesel prices up by 3.7 cents a gallon to $3.919

All 10 of the Energy Information Administration’s reporting sectors showed increases at the pump, with the West Coast less California region reporting a 7-cent increase to $3.973, up from $3.903 the week prior. The West Coast sector was up 5.9 cents a gallon to $4.053 a gallon compared with $3.994 a gallon the week before. At-the-pump diesel also took a leap in California, up 5 cents a gallon to $4.119 compared with $4.069 the week before.

The Trucker News Services

6/23/2014

It was bound to happen. After four weeks of a downward spiral, diesel prices finally were on their way up Monday, with national on-highway diesel increasing by 3.7 cents a gallon to $3.919.

All 10 of the Energy Information Administration’s reporting sectors showed increases at the pump, with the West Coast less California region reporting a 7-cent increase to $3.973, up from $3.903 the week prior. The West Coast sector was up 5.9 cents a gallon to $4.053 a gallon compared with $3.994 a gallon the week before. At-the-pump diesel also took a leap in California, up 5 cents a gallon to $4.119 compared with $4.069 the week before.

However, only four reporting sectors were above $4 a gallon, despite the prices increases: The Central Atlantic ($4.071); New England ($4.102); West Coast ($4.053) and California ($4.119).

Unrest in the Middle East has worried speculators and traders, who fear output in leading oil producing countries will be blocked, causing a shortage and sending prices sky-high.

And it seems to be a self-fulfilling prophecy.

Islamist militant gains in Iraq sent world oil prices higher Monday, sparking concerns that this could hurt global economic growth, especially in Europe where the recovery seems to be faltering.

Crude oil prices in London and New York touched levels not seen since last September after militants from the Islamic State in Iraq and Syria (ISIS) seized city after city over the weekend as they continued their march towards Baghdad.

Costlier energy could spell trouble for European economies still struggling to regain momentum after the region's debt crisis, CNN Money reported.

Growth in the eurozone has slowed to its weakest pace in six months, according to a June survey of purchasing managers released Monday. Companies across manufacturing and services reported higher input prices.

For more details on prices in all of the EIA’s reporting sectors click here.

The Trucker staff can be reached to comment on this article at editor@thetrucker.com.

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