Diesel prices spiked again according to the U.S. Energy Information Administration’s latest report.
The national average price for a gallon of diesel spiked by more than 30 cents per gallon from $5.967 to $6.285.
The theme of the week is six bucks.
Eight of the 10 reporting regions are at the six-dollar mark with the West Coast Region reporting over seven dollars to $7.250 and the California Region rising to $8.039 per gallon.
All reporting regions reported spikes, with the biggest coming from the Lower Atlantic Region, which rose by nearly 50 cents per gallon from $5.605 to $6.096.
The Associated Press reported an important Saudi oil pipeline will mostly be out of service for weeks following an attack last week, two regional officials told The Associated Press.
The pipeline offered a way for Saudi Arabia to shift exports to the Red Sea and avoid the Persian Gulf’s Strait of Hormuz, where Iranian attacks have stifled the movement of oil tankers.
Benchmark U.S. crude rose $1.03 to $103.61 a barrel early Tuesday. Brent crude, the international standard, gained 0.3% to $106.94 a barrel. Prices for both are up more than 50% since the Iran conflict began in late February.
That jump in oil prices has sent the average cost of a gallon of regular gasoline across the country to $4.33 from $4.08 a month ago and $3.18 a year ago, according to AAA.
Those rising costs have greatly increased expectations that the Federal Reserve this week will hike its main interest rate for the first time in three years to fight stubbornly high inflation, a move that would put the central bank at odds with President Donald Trump’s push for rate cuts.
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.
