While diesel prices did not see the ominous increases they have seen in the last two weeks, the price for a gallon of diesel nationwide did again increase, this time by just over 17 cents per gallon.
The national average price for a gallon of diesel fuel rose from $5.134 to $5.313, an increase of 17.9 cents per gallon, according to the US Energy Information Administration’s weekly report.
All reporting regions are reporting increases from 14 cents to nearly 21 cents per gallon. The Midwest Region’s 20.8 cents per gallon increase from $4.988 to $5.196 represents the largest jump.
The Associated Press reported on Tuesday that oil prices reversed course from a week ago, when a sharp escalation in fighting between the U.S. and Iran worsened worries about global oil supplies. The price of Brent crude, the international standard, dropped 6.3% to settle at $85.87 a barrel for October delivery. Prices surged to over $100 a barrel last week before easing.
U.S. crude oil for September delivery fell 7.5% to settle at $82.61 a barrel.
The war between the U.S. and Iran has sharply curtailed, and at a times halted, traffic through the vital Strait of Hormuz. That has had a ripple effect throughout the world’s economy. Gasoline prices have surged and shipping costs for most goods are rising, with businesses typically passing those costs along to households.
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.
