Diesel prices continue to skyrocket this week.
In this week’s report from the US Energy Information Administration (EIA), the average national price for a gallon of diesel leaped again by more than 30 cents per gallon from $4.796 to $5.134, a 33-cent jump from a week ago.
The increase was the second straight week that diesel has jumped by more than 30 cents per gallon, erasing the relief that was beginning to show recently.
The price for a gallon of diesel has increased by approximately $1.32 since this time last year.
Only two reporting regions showed increases less than 30 cents with the largest jump being reported by the Gulf Coast Region which increased by more than 39 cents per gallon in a week from $4.546 to $4.942.
The New England Region reported an increase of 21 cents per gallon while the Central Atlantic’s price rose by just over 16 and a half cents. Those two are the only regions that didn’t see an increase by 30 cents or more.
According to the Associated Press on Tuesday, the price for a barrel of Brent crude, the international standard, jumped 4.6% to settle at $88.10, up from roughly $76 a week ago.
The United States expanded its airstrike campaign against Iran early Friday by hitting more bridges and collapsing a tower at a key Iranian port. That raised further worries about whether oil tankers will be able to use the Strait of Hormuz to carry crude from the Persian Gulf to customers worldwide.
High oil prices have sent Treasury yields upward in the bond market, which threaten to slow the economy and undercut prices for stocks and all kinds of other investments. Higher yields have already sent the average 30-year mortgage rate to its highest level in nearly a year.
Bruce Guthrie is an award-winning journalist who has lived in three states including Arkansas, Missouri and Georgia. During his nearly 20-year career, Bruce has served as managing editor and sports editor for numerous publications. He and his wife, Dana, who is also a journalist, are based in Carrollton, Georgia.
