LITTLE ROCK, Ark. — U.S. diesel prices are continuing to climb.
According to the Sept. 18 report from the Energy Information Administration (EIA), the average price for a gallon of diesel fuel sits at $4.633 per gallon. That’s up from $4.540 on Sept. 11 and $4.492 on Sept. 4.
The nation’s highest prices are in California at $6.192 per gallon, while the lowest prices can be found along the Gulf Coast at $4.352, according to the EIA.
Global distillate fuel oil inventories are significantly lower than normal, driving up fuel prices.
Stocks in all the major consuming regions were severely depleted in August, despite a prolonged slowdown in manufacturing activity and freight movements over the previous year, according to a Reuters report.
Distillate prices are being driven higher by both the extra crude production cuts announced by Saudi Arabia and its OPEC⁺ allies and shortages of refining capacity around the world, according to Reuters.
Production cuts by the major exporters in the Middle East have a disproportionate impact on the diesel market because their heavier crudes yield a higher proportion of middle distillates when refined.
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.