LITTLE ROCK, Ark. — Picture current diesel fuel prices as children in a playground on a seesaw.
Up and down. Up and down.
According to the Energy Information Administration (EIA), the average price for a gallon of diesel sits at $4.549 as of Jan. 9, down from $4.583 on Jan. 2.
The Jan. 9 pump rate still rings up slightly higher than the Dec. 26 price of $4.537.
The Jan. 2 hike prevented seven straight weeks of declines, according to the EIA.
Looking back over the past year, prices are up almost $1.
Diesel prices went up during the pandemic due to increased demand for winter shipping and farm equipment fuel, according to economists. Additionally, inventories are running short, and U.S. refining capacity is down about 2 million barrels a day from pre-pandemic levels.
The war in Ukraine after Russia’s invasion is also a major factor in diesel prices, as Europe has received lots of diesel imports that would have otherwise gone to the U.S.
Meanwhile, benchmark U.S. crude oil for February delivery rose 49 cents to $75.12 a barrel on Tuesday, Jan. 10. Brent crude for March delivery rose 45 cents to $80.10 a barrel.
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.