LITTLE ROCK, Ark.— The price per gallon of diesel fuel continues to rise, hitting nearly $5 in some parts of the U.S. What’s driving these prices up? The answer is that it’s complicated and there’s more than one factor.
The price of diesel fuel on Monday averaged $3.951 in the U.S., up 10.5 cents from the previous week and $1.15 more than this time last year, according to the U.S. Energy Information Administration.
The most expensive place to buy diesel fuel in the U.S. right now is in California where the average price is $4.948 per gallon — more than a dollar higher than the current national average, according to AAA. The state with the lowest average diesel cost in Oklahoma where it’s going for $3.479 per gallon.
AAA says that winter weather and geopolitical tensions are two of the biggest factors driving up prices right now. Currently, the price of oil is in the low-$90s per gallon, almost $30 more than last August.
Tracy Noble, spokesperson for AAA Mid-Atlantic, says tensions between Russia and Ukraine have been pushing crude oil prices higher “almost daily.”
There is also concern about how Russia will react to potential western sanctions. If they withhold crude oil, which is a possibility, that will put pressure on a global market that is already tight.
“This shows how events on the other side of the globe can have a noticeable impact right here in the U.S,” said Andrew Gross, AAA spokesperson. “And unfortunately for drivers, they are reminded of this by higher prices at the pump.”
AAA says the last time that the U.S. saw prices this high was in 2014. Prices have been steadily increasing since January 2021 and have yet to show any sign of stabilizing or decreasing anytime soon.
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.